BYD's Earnings Miss Triggers Worst Stock Selloff in Two Months [BNN Bloomberg (Canada)]
Li Auto Inc. - American Depositary Shares (LI)
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Source: BNN Bloomberg
It missed 2023 earnings estimate by less than a 1 billion yuan ($138 million), raising questions over whether China's largest EV maker can sustain strong profit growth while fending off an intense price war. Its stock fell even though it almost tripled the final dividend payout. BYD shares declined as much as 4.7% in Hong Kong, the most in nearly two months, after the earnings report. The lackluster performance stands in contrast to the immediate surge in the shares of its smaller competitors — such as Li Auto Inc. and Zhejiang Leapmotor Technology Co. — that exceeded earnings expectations. While many of them still struggle to turn profitable in their EV business, they have generally grown margins and narrowed losses. Even BYD's declaration of 3.1 yuan per-share dividend couldn't assuage investors, who are focusing on more operationally-centered metrics. “It's the earnings miss,” said Xin-Yao Ng, director of investment at abrdn. “In my view at least, the concern might be around
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