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2025-10-31 08:59:37
Morgan Stanley: BYD's Weak Q3 Results May Pressure Share Price in the Short Term, But Market Will Quickly Digest, Maintain Overweight Rating. Morgan Stanley states that BYD's weak third-quarter results will trigger a neutral or slightly downward short-term reaction in its share price, but investors will quickly digest this impact. Analysts Tim Hsiao et al. stated in the report that the third-quarter results improved from the low point of the second quarter and were in line with management guidance. Although the earnings performance was not outstanding, the overall results should not be surprising given the downward revision of market expectations. Investors remain cautious about BYD's potential decline in domestic market share in 2026, but considering that recent negative factors have been priced in by the market, the share price may fluctuate around HK$100. Investors will continue to monitor its overseas expansion progress and await the next major product upgrade in 2026. Meanwhile, it is worth noting whether BYD will introduce relevant sales policies to cope with the impact of the 5% increase in the purchase tax on new energy vehicles in 2026. The overweight rating is maintained, with a target price of HK$130.
