BYD Monthly Overseas Sales Monitor: July 2026

This monthly chartbook product - "BYD monthly overseas auto sales monitor" - tracks the overseas sales of BYD, a leading Chinese automaker. In July 2026, BYD recorded 180,538 units of overseas sales (+123.6% YoY, +3.0% MoM). For January to July 2026, BYD recorded 972,794 units of overseas sales (+78.5% YoY). Key overseas markets include Brazil (22,937 units, +138.1% YoY), Australia (7,732), UK (7,002), Indonesia (6,728) and Germany (5,240, +365.4%). The report also includes model-level breakdowns for Indonesia, Brazil, Australia, UK, Germany, Spain, Thailand and Italy. Valuation: target price of HKD 134.00 derived via DCF (WACC of 8.1%), implying 28.4x 2026e P/E; price HKD 79.20; rating Buy. Key downside risks: lower-than-expected margin due to aggressive price cuts, bigger-than-expected capex and costs for overseas plant construction, and negative changes to trade policies in export markets such as new tariffs.