LB Takeaway | BYD's price target up to HK $431, Tencent still has 40% upside?

first half of this year was 2.8 billion yuan to 3.6 billion yuan, an increase of 139% to 207% year over year, while excluding one-time items, the net profit was 25-3.3 billion yuan, an increase of 578% to 795% year over year, better than the bank's expectations. This also means that the net profit in the second quarter is 20- 2.8 billion yuan, an increase of 113% to 198% year over year, and a quarter-on-quarter increase of 146% to 245%, while excluding one-time items, the second quarter profit or year over year increased by 341% to 519%.

Credit Suisse: Maintains BYD's "outperform" rating, price target raised 3% to HK $380 from HK $368

If calculated at today's closing price, this price means that there is still 29% room to rise!

Why: BYD expects net profit in the first half of the year to record 2.8 billion yuan to 3.6 billion yuan, an increase of 139% to 207% year-on-year, which means that net profit in the second quarter of this year may reach 2 billion yuan to 2.8 billion yuan, an increase of 146% to 245% quarter-on-quarter, showing a sharp quarterly increase.

The bank said it was pleasantly surprised that BYD's second-quarter profit margin performed better than expected. Taking into account the better-than-expected profit margin performance and the higher-than-expected order backlog, BYD raised its profit forecast for fiscal 2022-24 by 71.2% to 76.4%.

Goldman Sachs: Maintain BYD in the "convinced buy" list, target price of HK $405

If calculated at today's closing price, this price means that there is still 38% room to rise!

Why: The bank believes that within the scope of production capacity, BYD has been shifting its production structure from low-unit-price models to high-unit-price models, maintaining gross profit margins under the rise in battery costs in the second quarter. It is believed that BYD's profitability will continue to expand in the second half of this year.

CLSA: Reiterated "Buy" rating on JD.com, with price target cut 8% to $92 from $100

If calculated at yesterday's closing price of $61.04, this price means that there is still 51% room to rise!

Why: The bank believes that JD.com's business in the second quarter was hit by strict epidemic prevention and control measures. It is expected that the total revenue in the second quarter will slow down to a year-on-year increase of 3.6% to RMB 263 billion, and adjusted profit will rise by 3.9% to RMB 4.8 billion. However, JD.com's 618 total commodity transaction volume remains healthy, increasing by 10 % year-on-year. It is expected that the post-618 momentum will continue. In the third quarter, revenue growth will be as low as the mid-double-digit level, gross profit margin will also expand, and new business losses are expected to further narrow.

Truist: Maintain Airbnb's "Hold" rating, cut price target by 25% to $120 from $160

If calculated at yesterday's closing price of $91.05, this price means that there is still room for 32% to rise!

Why: The bank believes that while Airbnb's second-quarter earnings are likely to be weighed on by a stronger dollar and the group faces increasing risks amid the growing likelihood of a weak or recession in 2023 and greater demand risk, but the industry looks strong in the near term.

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