China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>BYD reported C3Q24 top line, non-IFRS operating income and IFRS net income 2.7%, (28%) and (12%) vs. our estimates. </li>
<li>Our ASP tracker showed promotional activities abated industry wide in October, boding well for profitability in C4Q24. </li>
<li>We maintain the stock at BUY and TP of HK$372.</li>
</ul>


BYD reported C3Q24 top line, non-IFRS operating income and IFRS net income 2.7%, (28%) and (12%) vs. our estimates. 
Our ASP tracker showed promotional activities abated industry wide in October, boding well for profitability in C4Q24. 
We maintain the stock at BUY and TP of HK$372.


[BYD Company (1211 HK, BUY, TP HK$372) Review]: Great Earnings Linearity Stays the Same This Quarter