0354 GMT - BYD's 2Q results disappointed with net profit down 30% on year and a gross profit margin on 16.3%, its lowest since 3Q22. This was worsened by a 71% rise in R&D spending. Nomura cuts its FY25-27 shipment forecasts by 10%-11% for and lowers its earnings forecasts by 27%-30%. Nonetheless, Nomura analysts Joel Yang and Ethan Zhang expect the company to see a turnaround in 2026 helped by technology upgrades. Improvements will likely be boosted by overseas sales and a new factory in Brazil. The bank cuts the stock's target price from HK$163.67 to HK$132, but maintains a Buy rating. BYD shares were recently at HK$109.55. (jason.chau@wsj.com)
(END) Dow Jones Newswires
August 31, 2025 23:54 ET (03:54 GMT)
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