Citi published a research report. It is expected that BYD's net profit for the third quarter will reach 12.95 billion yuan, supported by strong free cash flow, which is expected to trigger a recovery of short positions in the market. Citi maintains BYD's “buy” rating, and the target price for H shares is HK$142. The bank believes that BYD has three factors that will help establish a lower valuation limit and may put pressure on short positions in the market: the elimination of policy uncertainty; limited downside for Western European exports in FY2027; and the outlook for exports and domestic markets in FY2027 is less pessimistic.

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