0534 GMT - BYD's overseas market development remains positive despite weaker-than-expected 2Q earnings, Daiwa's Kelvin Lau writes in a note. The analyst remains constructive on the company's overseas development, citing consumers' shift toward electric vehicles and BYD's high-quality plug-in hybrids and battery EVs. While price cuts and the higher cost of producing smart cars hurt the Chinese automaker's gross profit margin in 2Q, it is unlikely to offer price discounts to boost sales volume for the rest of the year, he says. Instead, BYD will likely introduce upgraded models with better specifications to attract demand, he adds. Daiwa expects 4Q sales volume to reach 1.4 million units, down 5% on year. It maintains a buy rating on the stock but cuts the target price to HK$137.00 from HK$161.00. Shares are last at HK$105.20. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

September 08, 2025 01:34 ET (05:34 GMT)

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