BYD Climbs on BNP Paribas’s Car-Sales Forecast: Hong Kong Mover
2012-02-23 Leave a comment
BYD Co. (1211), the Chinese automaker backed by Warren Buffett, rose the most in two months in Hong Kong trading after BNP Paribas SA said sales of its new sport-utility vehicle probably rose to a record in January.
The stock jumped as much as 9.85 percent, the most since Nov. 24, and was 5.8 percent higher at HK$27.40 as of the midday trading break. The benchmark Hang Seng Index rose 0.6 percent.
Sales of BYD’s new S6 model may have reached 16,000 units last month, beating the previous record of 15,000 set in December, Jack Yeung, an analyst at BNP, wrote in a note to clients dated yesterday. The model, which runs on both electric power and gasoline, is ranked one of the top three best-selling sport utility vehicles in China, according to Yeung.
The Shenzhen-based carmaker “hopes to capture rising demand in the fast-growing China SUV market,” Yeung wrote. “S6’s competition strategy is to offer more space and more functions at similar price levels as its peers.”
BYD has surged 63 percent in Hong Kong this year, compared with a 13 percent gain in the Hang Seng Index.
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