BYD: King Of EVs With Vertically Integrated Capabilities - Reiterate Buy

BYDDF's overseas expansion and increased FY2026 delivery target may offset some of the domestic demand headwinds while capitalizing on the strong export growth prospects. Their vertically integrated semiconductor, battery, and automotive capabilities also imply their ability to mitigate the higher COGS entering FY2026, aided by the diversified EV/PHEV platforms. BYDDF's valuations are still attractive at an EV/Sales of 0.96x and a 2Y PEG ratio of 0.68x, with it offering an excellent upside potential to my long-term price target of $18s.