TECHNICAL ANALYSIS

BYD gained 32.4% since our BUY recommendation on 9th January 2023. In line with the HSI performance, it retraced and found support at HKD195.5 as buying interest was seen at this level. Share price had successfully rebounded recently and closed above the MA 200 line last Friday. Indicators are showing uptick momentum, indicating share price is expected to move higher. Nevertheless RSI is near overbought position, do monitor for profit taking once indicators turn bearish.

Fundamentals

Net profit is expected to grow at a CAGR of 24% for the next 3 years with improved margin estimated to be around 4%.

Source: Rakuten Research - 3 Apr 2023

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