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Citi lifts BYD (01211) to HK$97.8; "buy"
Citi Research lifted its target price for BYD 
(01211) to HK$97.8 from HK$83.7, and maintained its "buy" rating.
  The research house raised its 2018-20 net profit to Rmb6.8/9.9/14.7bn on the back of (1)
lower battery cost from potential raw material price declines; (2) higher NEV-bus
ex-subsidy ASP forecast; (3) stronger BYD NEV PV sales outlook; and (4) BYD's first-mover
advantage into the under-penetrated MPV segment in 2018.
  Citi believes BYD will become long-term winner from the soon-tobe announced NEV subsidy
adjustment via NEV market consolidation.

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