Price target:
UOB Kay Hian “buy” HK$150

Rapid progress made in rechargeable battery business
Chinese automobile and rechargeable battery manufacturer BYD is “progressing rapidly” with its new electric vehicle (EV) battery business, says UOB Kay Hian analyst Ken Lee in a Sept 29 note. Lee is maintaining his “buy” call on the company, with a raised target price to HK$150 ($26.48) from HK$95.

According to Lee, BYD will double the production capacity for its new blade battery from 13Gwh currently to 26Gwh in 2021 by adding eight new production lines at its plant in Chongqing. This is in place to meet in-house EV manufacturing and expected strong demand from external customers (Chinese and global OEMs).

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