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BYD Electronic (International) Co Ltd 00285

Morningstar Rating
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Stock XHKG Rating as of
HKD 33.80 −0.05 (0.15%)
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As of Delayed Price Closed
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Company Report

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BYD Electronic Earnings: New Nonsmartphone Launches to Lift Margins, but Shares Are Fully Priced In

Phelix Lee, Zachary Seng

No-moat BYD Electronic, or BYDE, recorded mixed results for its March quarter, but we believe it is on track to achieve our full-year estimates. As such, we maintain our estimates for BYDE’s earnings and its HKD 30 per share fair value estimate. We view BYDE as fairly valued, and further upside to our fair value would come from the firm leveraging Jabil’s know-how in precision manufacturing and material science to expand into higher-end and more profitable nonconsumer electronics applications, such as automotive and servers.

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Price vs Fair Value

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00285 is trading within a range we consider fairly valued.
Price
HKD 33.85
Fair Value
HKD 15.00
Uncertainty
Very High
1-Star Price
HKD 43.90
5-Star Price
HKD 31.00
Economic Moat
Lfmd
Capital Allocation
Tbpkzfyls

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 33.85
Day Range
HKD 33.05–34.35
52-Week Range
HKD 21.90–40.40
Bid/Ask
HKD 33.80 / HKD 33.85
Market Cap
HKD 76.16 Bil
Volume/Avg
9.6 Mil / 7.6 Mil

Key Statistics

Price/Earnings (Normalized)
16.78
Price/Sales
0.53
Dividend Yield (Trailing)
0.54%
Dividend Yield (Forward)
1.72%
Total Yield
0.54%

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://www.electronics.byd.com

Competitors

Valuation

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Metric
00285
2317
002475
Price/Earnings (Normalized)
 16.7817.5119.76
Price/Book Value
 2.361.603.86
Price/Sales
 0.530.400.94
Price/Cash Flow
 8.7814.599.55
Price/Earnings
00285
2317
002475

Financial Strength

Metric
00285
2317
002475
Quick Ratio
 0.661.210.94
Current Ratio
 1.001.661.39
Interest Coverage
 24.543.0110.03
Quick Ratio
00285
2317
002475

Profitability

Metric
00285
2317
002475
Return on Assets (Normalized)
 6.32%4.15%—
Return on Equity (Normalized)
 15.42%10.97%—
Return on Invested Capital (Normalized)
 12.59%5.56%—
Return on Assets
00285
2317
002475
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