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| HSI1 | 27,266.38 | +83.23 | 217.22B |
| HSCEI1 | 9,268.18 | +25.43 | 79.87B |
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2026-02-11 10:23:38 Citi's research report estimated that BYD COMPANY (01211.HK)'s absolute inventory in the Chinese domestic market by the end of January 2026 faded by 1.2% MoM to 387,000 units. However, due to retail sales possibly falling short of expectations in the same month (estimated to decline by 65% MoM in January), the relative inventory days to retail sales for the month should surge to 3.4 months from 1.2 months at the end of December 2025, based on the broker's estimates. Approaching March, if domestic retail/ export run-rate recovers to 150,000 and 130,000 units, respectively, then the domestic inventory target of 1.9 months could support a total wholesale sales rate of 210,000 units in March (including exports). However, this also implies that the total wholesale sales rate for 1Q26 would be 535,000 units, representing a 47% YoY downfall, which the broker viewed as relatively low. The broker noted that the key variables going forward will be BYD's new product launches and their pricing points at the end of February and early March. BYD was rated Buy with a target price of HKD174. ~ AASTOCKS Financial News Website: www.aastocks.com | |