China Specialist, Auto and Industrial Specialist

Victoria Li

20 years experience as sell side analyst focusing on China's Industrial and Auto sectors

BYD (1211): In-Vehicle Batteries to Power Growth

BYD (1211) Vs Tesla (TSLA): Fight over China

BYD(1211.HK): Calm Down, Time to Take Profit

BYD: Component Carve-Outs More Interesting than Core Business

BYD's (1211.HK) Blade Battery - Overselling the Innovation, but Tangible Profitability Improvement

Equity Bottom-Up

As the only HK market listed EV player (relative to others car manufacturers who are mainly selling ICE models), BYD's share price has more than doubled since September 2020. This is mainly due to market's raised expectation on China's EV sales growth and BYD's EV &amp; related businesses for the next few years. However, how much is BYD really worth? Is current market cap of around HK$700bn (Rmb595bn) undervalued or overvalued?Based on bull expectations on BYD's four key business in 2026E: EV, battery, electronics and IGBT, we estimate BYD's market cap should stand at Rmb575bn, vs. currently Rmb595bn. The stock is overvalued. We suggest SELL

As the only HK market listed EV player (relative to others car manufacturers who are mainly selling ICE models), BYD's share price has more than doubled since September 2020. This is mainly due to market's raised expectation on China's EV sales growth and BYD's EV &amp; related businesses for the next few years. However, how much is BYD really worth? Is current market cap of around HK$700bn (Rmb595bn) undervalued or overvalued?Based on bull expectations on BYD's four key business in 2026E: EV, battery, electronics and IGBT, we estimate BYD's market cap should stand at Rmb575bn, vs. currently Rmb595bn. The stock is overvalued. We suggest SELL

Byd(1211.HK): Even a ''Blue Sky'' SoTP Suggest Overvalued