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BYD Electronic (International) Co Ltd 00285

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Stock XHKG Rating as of
HKD 26.75 −0.05 (0.19%)
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As of Delayed Price Open
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Company Report

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BYD Electronic Earnings: Better Automotive Sales Offset a Lower Contribution From Jabil Acquisition

Phelix Lee, Zachary Seng

We maintain our fair value estimate for BYD Electronic, BYDE, at HKD 30 as the better-than-expected outlook and performance of its new energy vehicle, or NEV, segment offsets the softer recovery of its consumer electronics segment, as well as a lower-than-expected 2024 revenue contribution from its acquisition of Jabil’s consumer electronics business. We view BYDE’s shares as fairly valued, with the upside catalyst being faster than expected order wins in iPhone assembly or if it starts to supply more crucial automotive parts, such as connectors and sensors, rather than mainly electronics assembly.

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Price vs Fair Value

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00285 is trading at a 17% discount.
Price
HKD 25.05
Fair Value
HKD 27.00
Uncertainty
Very High
1-Star Price
HKD 41.60
5-Star Price
HKD 42.00
Economic Moat
Pmdql
Capital Allocation
Vkhztvynf

Bulls Say, Bears Say

Bulls

Expertise gained from the acquisition of Jabil Mobility could allow BYDE to gain a substantial advantage over its mainland China rival, Luxshare.

Bears

Heavy reliance on a single foreign customer, Apple, means BYDE risks losing most of its revenue if it is no longer allowed to work with Apple due to geopolitical or operational reasons.

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Trading Information

Previous Close Price
HKD 26.80
Day Range
HKD 26.10–27.85
52-Week Range
HKD 21.90–40.40
Bid/Ask
HKD 26.70 / HKD 26.75
Market Cap
HKD 60.27 Bil
Volume/Avg
6.3 Mil / 5.4 Mil

Key Statistics

Price/Earnings (Normalized)
13.29
Price/Sales
0.42
Dividend Yield (Trailing)
0.68%
Dividend Yield (Forward)
2.18%
Total Yield
0.68%

Company Profile

BYD Electronic is a diversified components supplier and assembler. Spun out from its parent company BYD Company in 2007, BYDE is known for assembling iPads and is a major supplier of metal and plastic components to consumer electronic devices such as tablets, laptops, and smartphones. The next leg of growth also comes from hardware used in electric vehicles and Internet of Things devices such as drones, residential energy storage, and smart home devices. BYDE's headquarters are in Shenzhen, China, and it employed around 150,300 people as of Dec. 31, 2023.
Sector
Technology
Industry
Electronic Components
Stock Style Box
Large Core
Total Number of Employees
105,001
Website
http://electronics.byd.com

Competitors

Valuation

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Metric
00285
002475
02018
Price/Earnings (Normalized)
 13.2918.5645.15
Price/Book Value
 1.873.631.22
Price/Sales
 0.420.891.29
Price/Cash Flow
 6.958.978.54
Price/Earnings
00285
002475
02018

Financial Strength

Metric
00285
002475
02018
Quick Ratio
 0.660.941.30
Current Ratio
 1.001.391.63
Interest Coverage
 24.5410.032.57
Quick Ratio
00285
002475
02018

Profitability

Metric
00285
002475
02018
Return on Assets (Normalized)
 6.32%—1.89%
Return on Equity (Normalized)
 15.42%—3.46%
Return on Invested Capital (Normalized)
 12.59%—2.72%
Return on Assets
00285
002475
02018
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Electronic Components Industry Comparables

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Economic Moat
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APH
Amphenol Corp Class ABpgfyndnrgDtgz$73.4 Bil
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Hon Hai Precision Industry Co Ltd DR—Hpxg$67.4 Bil
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TE Connectivity LtdTlyzzjxsKtrphc$43.7 Bil
MRAAY
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MRAAF
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TTDKF
TDK Corp—Lmbh$17.5 Bil
TTDKY
TDK Corp ADR—Vxrzm$17.5 Bil
JBL
Jabil IncHgyswbgkRvjlz$14.5 Bil
LFUS
Littelfuse IncLsmbsqmCjgxbr$5.9 Bil

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