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On May 21, Citi issued a report revising its target price for BYD Co., Ltd. (01211.HK) from HK$688, set on February 15, to HK$727. The revision reflects the bank's belief that BYD has benefited significantly from China's passenger vehicle export landscape in the first four months of this year. The report highlights that while BYD's exports of plug-in hybrid electric vehicles (PHEV) have seen substantial growth, this positive trend has yet to be fully recognized by the market. Furthermore, BYD's market share in battery electric vehicle (BEV) exports has surged, rising from 23% in 2024 to 38% in the first four months of 2026. Citi also notes that BYD stands to gain from the buoyant domestic market conditions in China's third quarter and its strategic pricing adjustments in 2026. Consequently, Citi has upped BYD's target price to HK$727.
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