CMB International: Raises BYD Electronics' (00285.HK) target price to 47.37 Hong Kong dollars, strong performance in the second quarter.

According to the Wise Financial APP, CMB International released a research report stating that BYD Electronic (00285.HK) had a steady performance in the second quarter, with a year-on-year increase of 4% in revenue and 22% in net profit. This was attributed to the rapid growth of the high-margin new energy vehicle business and the improved profitability of iPhone phone case business, despite the slowing growth of phone cases/OEM and new smart business. Management has given positive guidance for the second half of this year and next year, expecting foldable iPhones to drive a 50% year-on-year increase in phone case sales next year, as well as a 35-40% year-on-year growth in automotive-related business sales for the full year. The bank raised its target price from 43.22 Hong Kong dollars to 47.37 Hong Kong dollars and maintains a "buy" rating.