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JP Morgan upgrades BYD (01211) to HK$100
J.P. Morgan raised its target price for BYD Company (01211) to HK$100 from HK$70,
and upgraded its rating to "overweight" from  "neutral".
The research house believes a potential turnaround of BYD's core auto business is
overlooked by a majority of investors. It expects BYD's auto sales volume to double in 
2019 versus 2017, the same as the bottom line over the same period.
JPM raised its Street-high 2018/19 estimates by 5%.
It believes BYD's car sales business will repeat Geely's pattern of 2015-17, when
ex-Volvo design chief Peter Horbury (in charge of various brands, e.g., Volvo, Aston 
Martin) shaped Geely's design language and led to Geely's success in 2015-17, when volume
doubled.
Now that BYD hired ex-head of Audi's design group Wolfgang Egger (responsible for Audi 
and Lamborghini brands) in 2016, and the first model under his work, Song Max (MPV), will
hit the market at end-September, followed by four new models in 2018.

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