Citi: Downgrades BYD Electronics' Target Price to HKD 38.9, maintaining an 'outperform' rating.

Citi released a Research Report stating that BYD Electronics (00285) experienced only a 2% year-on-year growth in Net income for the first quarter of the 2025 fiscal year, mainly due to a slowdown in demand for its high-profit Metal casing Business compared to the high baseline of last year. The rating for BYD Electronics is maintained at "outperform", with the Target Price adjusted down from 51.2 HKD to 38.9 HKD. The company's management expects a quarterly increase in Metal casing revenue in the second quarter and remains optimistic for this year, driven by strong growth in the Autos Business and improved profitability in relation to Jabil. The impact of tariffs is expected to be limited due to overseas production.

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