DBS Group Research maintains a Buy rating for BYD ELECTRONIC, expecting its 2026 revenue to remain flat due to weak demand in the smart terminal component business, which will be offset by growth in auto electronics and AI infrastructure. The recovery in demand for titanium components is delayed until 2027, and the company may have a lower share in the titanium cycle for the first foldable iPhone. The target price was reduced from $34.3 to $30, reflecting a lower earnings base, but the company's manufacturing capabilities support a resilient long-term earnings outlook.
