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Morgan Stanley stated that since the life cycle of two BYD COMPANY (01211.HK)  +2.050 (+3.761%)    Short selling $100.20M; Ratio 7.394%   's main traditional cars is coming to the end soon and the company is lack of a strong model lineup, it is expected the sales of traditional cars will be under pressure in 2015. However, the company planned a private A-share placement to raise RMB15 billion and that could help with the development of new energy car industrial chain.

The broker mentioned that MIIT announced in May that it aimed for annual domestic new energy vehicle sales volume of over 1 million units by 2020, accounting for 70% market share in China. It is expected that the Chinese government will announce additional policies to support the development in
the coming few years.
The broker raised the sales forecast of new energy vehicles in 2015 and also lifted EPS forecast in 2016 and 2017 by 22.9% and 23.3%, respectively. The target price was raised from $30 to $45 and the rating was upgraded from Underweight to Equalweight Morgan Stanley stated that since the life cycle of two BYD COMPANY (01211.HK)  +2.050 (+3.761%)    Short selling $100.20M; Ratio 7.394%   's main traditional cars is coming to the end soon and the company is lack of a strong model lineup, it is expected the sales of traditional cars will be under pressure in 2015. However, the company planned a private A-share placement to raise RMB15 billion and that could help with the development of new energy car industrial chain.

The broker mentioned that MIIT announced in May that it aimed for annual domestic new energy vehicle sales volume of over 1 million units by 2020, accounting for 70% market share in China. It is expected that the Chinese government will announce additional policies to support the development in
the coming few years.

The broker raised the sales forecast of new energy vehicles in 2015 and also lifted EPS forecast in 2016 and 2017 by 22.9% and 23.3%, respectively. The target price was raised from $30 to $45 and the rating was upgraded from Underweight to Equalweight.

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