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Morgan Stanley Cuts BYD Electronic's Price Target to HK$33, Maintains 'Overweight' Rating

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Yesterday

Morgan Stanley has released a research report indicating that BYD Electronic (00285) experienced a 64% year-on-year decline in net profit for the second quarter, compared to the 96% drop seen in the first quarter. The investment bank believes that with the arrival of the peak season for major customers and the gradual ramp-up of liquid cooling product capacity, quarterly performance in the second half of the year is highly likely to show improvement.

Following the announcement of BYD Electronic's interim results, Morgan Stanley has revised its earnings forecast for the company downward by 68% for this year. The target price has been reduced from HK$39 to HK$33, while the firm continues to maintain its "Overweight" rating on the stock.

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