Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>In 1Q25, BYD’s revenue increased by 36% YoY and sales volume increased by 60% YoY.</li>
<li>We believe BYD’s scale advantage will help cashflow and the competition in the coming market concentration.</li>
<li>The P/E band suggests an upside of 59% for the end of 2025.</li>
</ul>


In 1Q25, BYD’s revenue increased by 36% YoY and sales volume increased by 60% YoY.
We believe BYD’s scale advantage will help cashflow and the competition in the coming market concentration.
The P/E band suggests an upside of 59% for the end of 2025.


BYD (1211 HK): Rev up by 36% in 1Q25, Scale to Bring 60% Upside

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> will release its Q1 2025 results on April 25. The company has issued a positive profit alert, projecting net income around RMB 8.5 - 10 billion.</li>
<li>Expected earnings per share ranging from RMB 2.91 to RMB 3.42, up from RMB 1.57 in the same period last year.</li>
<li>
<strong>Our model currently does not indicate the stock is overbought</strong>, but a surprise pullback is always possible around earnings releases, so we will discuss also support/buy zones.</li>
</ul>



BYD (1211 HK) will release its Q1 2025 results on April 25. The company has issued a positive profit alert, projecting net income around RMB 8.5 - 10 billion.
Expected earnings per share ranging from RMB 2.91 to RMB 3.42, up from RMB 1.57 in the same period last year.

Our model currently does not indicate the stock is overbought, but a surprise pullback is always possible around earnings releases, so we will discuss also support/buy zones.


BYD (1211 HK) Positioning Ahead of Q1 2025 Results

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> raised US$5.6bn in a secondary offering a few weeks ago and the stock is trading a lot higher than the placement price.</li>
<li>Buying from global index trackers is done, but there will be more passive buying from <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI)</a> and <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI)</a> trackers later this month.</li>
<li>With the release of the God's Eye advanced driver-assistance system (ADAS), the stock could be added to the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> in June, bringing more passive inflows.</li>
</ul>



BYD (1211 HK) raised US$5.6bn in a secondary offering a few weeks ago and the stock is trading a lot higher than the placement price.
Buying from global index trackers is done, but there will be more passive buying from Hang Seng Index (HSI) and Hang Seng China Enterprises Index (HSCEI) trackers later this month.
With the release of the God's Eye advanced driver-assistance system (ADAS), the stock could be added to the Hang Seng TECH Index (HSTECH INDEX) in June, bringing more passive inflows.


BYD (1211 HK): God's Eye & Potential HSTECH Index Inclusion

<ul>
<li>The growth rate of sales volume slowed down in March 2025.</li>
<li>Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024.</li>
<li>We set a downside of 18% and a price target of HK$300 for the next twelve months.</li>
</ul>


The growth rate of sales volume slowed down in March 2025.
Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024.
We set a downside of 18% and a price target of HK$300 for the next twelve months.


BYD (1211 HK): Some Threats Before 1Q25 Result

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Last August, the mainland exchanges stopped providing data on Northbound positions and trading. They decided to show the data once a quarter.</li>
<li>We decided to add a tool to the repertoire to show this past quarter's flows per Northbound-eligible stock in a variety of ways. </li>
<li>Click on a name and get the quarterly chart of the desired metric (position, Flow (shares), Flow as % of float or shares out, etc)</li>
</ul>


Last August, the mainland exchanges stopped providing data on Northbound positions and trading. They decided to show the data once a quarter.
We decided to add a tool to the repertoire to show this past quarter's flows per Northbound-eligible stock in a variety of ways. 
Click on a name and get the quarterly chart of the desired metric (position, Flow (shares), Flow as % of float or shares out, etc)


Quiddity HK Connect Northbound Tracker (Q1 2025 Vs 5 Previous Quarters)

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

BYD (1211 HK): Rev up by 36% in 1Q25, Scale to Bring 60% Upside

In 1Q25, BYD’s revenue increased by 36% YoY and sales volume increased by 60% YoY. We believe BYD’s scale advantage will help cashflow and the...

Ming Lu

BYD (1211 HK) Positioning Ahead of Q1 2025 Results

BYD (1211 HK) is about to release Q1 2025 results on April 25. Expected results are projected to be good, the stock is not overbought according to...

Nico Rosti

BYD (1211 HK): God's Eye & Potential HSTECH Index Inclusion

BYD has corrected recently. There could be passive buying in the stock later this week as the index shares increase (following the placement) for...

Brian Freitas

BYD (1211 HK): Some Threats Before 1Q25 Result

The growth rate of sales volume slowed down in March 2025. Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024. We set an...

Ming Lu

Quiddity HK Connect Northbound Tracker (Q1 2025 Vs 5 Previous Quarters)

This is a new tool in the Quiddity Data repertoire, showing NORTHBOUND flows per quarter to aid investors in knowing the flow trends of foreign...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BYD (1211 HK): Rev up by 36% in 1Q25, Scale to Bring 60% Upside

In 1Q25, BYD’s revenue increased by 36% YoY and sales volume increased by 60% YoY. We believe BYD’s scale advantage will help cashflow and the...

Ming Lu

BYD (1211 HK) Positioning Ahead of Q1 2025 Results

​BYD (1211 HK) is about to release Q1 2025 results on April 25. Expected results are projected to be good, the stock is not overbought according to...

Nico Rosti

BYD (1211 HK): God's Eye & Potential HSTECH Index Inclusion

BYD has corrected recently. There could be passive buying in the stock later this week as the index shares increase (following the placement) for...

Brian Freitas

BYD (1211 HK): Some Threats Before 1Q25 Result

The growth rate of sales volume slowed down in March 2025. Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024. We set an...

Ming Lu

Quiddity HK Connect Northbound Tracker (Q1 2025 Vs 5 Previous Quarters)

This is a new tool in the Quiddity Data repertoire, showing NORTHBOUND flows per quarter to aid investors in knowing the flow trends of foreign...

Travis Lundy

BYD (1211 HK) is about to release Q1 2025 results on April 25. Expected results are projected to be good, the stock is not overbought according to...