0353 GMT - BYD's battery business is undervalued as it's viewed by investors primarily as an EV maker, even though it's a global leader for both segments, say Bernstein analysts in a note. BYD's valuation appears compressed and overlooks the value and growth potential for its battery assets, they add. The battery segment alone is worth nearly as much as the entire company's market valuation, implying that the market assigns minimal value to its electronics, semiconductor and other businesses. The company is the world's second-largest battery manufacturer and shipped 286 GWh of batteries in 2025. BYD's battery shipments is projected to grow 35% this year, with internal demand rising 22% and external sales up 50%, Bernstein says. It maintains an outperform rating on the stock with a target price of HK$130.00. Shares are last at HK$99.05. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

January 13, 2026 22:53 ET (03:53 GMT)

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