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BYD

SEHK:1211
Snowflake Description

Mediocre balance sheet with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1211
SEHK
HK$155B
Market Cap
  1. Home
  2. HK
  3. Automobiles
Company description

BYD Company Limited, together with its subsidiaries, engages in the rechargeable battery and photovoltaic, handset components and assembly, and automobile businesses worldwide. The last earnings update was 85 days ago. More info.


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1211 Share Price and Events
7 Day Returns
-0.5%
SEHK:1211
2.7%
HK Auto
0.8%
HK Market
1 Year Returns
10.6%
SEHK:1211
-10.4%
HK Auto
-4.4%
HK Market
1211 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
BYD (1211) -0.5% 1.7% -14.2% 10.6% -6.2% -3.4%
HK Auto 2.7% 1.6% -20.4% -10.4% -0.1% -10.4%
HK Market 0.8% 0.3% -7.4% -4.4% 17.8% 1.7%
1 Year Return vs Industry and Market
  • 1211 outperformed the Auto industry which returned -10.4% over the past year.
  • 1211 outperformed the Market in Hong Kong which returned -4.4% over the past year.
Price Volatility
1211
Industry
5yr Volatility vs Market

Value

 Is BYD undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of BYD to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for BYD.

SEHK:1211 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 16 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:1211
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6%
Auto Unlevered Beta Simply Wall St/ S&P Global 0.62
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.624 (1 + (1- 25%) (48.19%))
0.899
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.9
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (0.899 * 5.96%)
7.36%

Discounted Cash Flow Calculation for SEHK:1211 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for BYD is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:1211 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 7.36%)
2020 -5,335.00 Analyst x2 -4,969.28
2021 5,837.00 Analyst x2 5,064.16
2022 3,795.00 Analyst x1 3,066.82
2023 2,690.69 Est @ -29.1% 2,025.35
2024 2,158.78 Est @ -19.77% 1,513.57
2025 1,873.03 Est @ -13.24% 1,223.20
2026 1,710.73 Est @ -8.66% 1,040.62
2027 1,617.24 Est @ -5.46% 916.32
2028 1,565.10 Est @ -3.22% 825.98
2029 1,539.18 Est @ -1.66% 756.62
Present value of next 10 years cash flows CN¥11,463.37
SEHK:1211 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥1,539.18 × (1 + 2%) ÷ (7.36% – 2%)
CN¥29,309.46
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥29,309.46 ÷ (1 + 7.36%)10
CN¥14,407.76
SEHK:1211 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥11,463.37 + CN¥14,407.76
CN¥25,871.13
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥25,871.13 / 2,728.14
CN¥9.48
SEHK:1211 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:1211)
1.135
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥9.48 x 1.135
HK$10.76
Value per share (HKD) From above. HK$10.76
Current discount Discount to share price of HK$48.05
= -1 x (HK$48.05 - HK$10.76) / HK$10.76
-346.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of BYD is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for BYD's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are BYD's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:1211 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CNY CN¥1.39
SEHK:1211 Share Price ** SEHK (2019-07-19) in HKD HK$48.05
SEHK:1211 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.881 CN¥42.35
Hong Kong Auto Industry PE Ratio Median Figure of 10 Publicly-Listed Auto Companies 8.96x
Hong Kong Market PE Ratio Median Figure of 1,512 Publicly-Listed Companies 10.77x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of BYD.

SEHK:1211 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1211 Share Price ÷ EPS (both in CNY)

= 42.35 ÷ 1.39

30.38x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BYD is overvalued based on earnings compared to the HK Auto industry average.
  • BYD is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does BYD's expected growth come at a high price?
Raw Data
SEHK:1211 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 30.38x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts
9%per year
Hong Kong Auto Industry PEG Ratio Median Figure of 7 Publicly-Listed Auto Companies 0.79x
Hong Kong Market PEG Ratio Median Figure of 481 Publicly-Listed Companies 0.8x

*Line of best fit is calculated by linear regression .

SEHK:1211 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 30.38x ÷ 9%

3.37x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BYD is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on BYD's assets?
Raw Data
SEHK:1211 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CNY CN¥20.71
SEHK:1211 Share Price * SEHK (2019-07-19) in HKD HK$48.05
SEHK:1211 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.881 CN¥42.35
Hong Kong Auto Industry PB Ratio Median Figure of 13 Publicly-Listed Auto Companies 0.86x
Hong Kong Market PB Ratio Median Figure of 2,198 Publicly-Listed Companies 0.92x
SEHK:1211 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1211 Share Price ÷ Book Value per Share (both in CNY)

= 42.35 ÷ 20.71

2.04x

* Primary Listing of BYD.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BYD is overvalued based on assets compared to the HK Auto industry average.
X
Value checks
We assess BYD's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Auto industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Auto industry average (and greater than 0)? (1 check)
  5. BYD has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is BYD expected to perform in the next 1 to 3 years based on estimates from 16 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is BYD expected to grow at an attractive rate?
  • BYD's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • BYD's earnings growth is positive but not above the Hong Kong market average.
  • BYD's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:1211 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1211 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts 9%
SEHK:1211 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts 7.6%
Hong Kong Auto Industry Earnings Growth Rate Market Cap Weighted Average 8.8%
Hong Kong Auto Industry Revenue Growth Rate Market Cap Weighted Average 6.1%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.4%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:1211 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1211 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 198,472 14,375 3,330 1
2021-12-31 175,088 13,108 4,511 9
2020-12-31 172,395 16,773 4,238 16
2019-12-31 153,352 13,076 3,586 13
SEHK:1211 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-03-31 135,621 13,094 3,428
2018-12-31 130,055 12,523 2,780
2018-09-30 120,963 12,588 2,802
2018-06-30 115,028 8,497 2,823
2018-03-31 109,606 8,834 3,563
2017-12-31 105,915 6,579 4,066
2017-09-30 104,605 1,679 4,179
2017-06-30 103,558 -3,887 4,515
2017-03-31 104,231 -3,011 4,807
2016-12-31 103,470 -1,846 5,052
2016-09-30 104,313 2,554 4,526
2016-06-30 93,376 -608 4,616

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • BYD's earnings are expected to grow by 9% yearly, however this is not considered high growth (20% yearly).
  • BYD's revenue is expected to grow by 7.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:1211 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below

All data from BYD Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1211 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.22 1.22 1.22 1.00
2021-12-31 1.53 2.28 0.84 10.00
2020-12-31 1.49 2.16 1.01 12.00
2019-12-31 1.31 1.90 0.82 15.00
SEHK:1211 Past Financials Data
Date (Data in CNY Millions) EPS *
2019-03-31 1.39
2018-12-31 0.93
2018-09-30 1.03
2018-06-30 1.03
2018-03-31 1.04
2017-12-31 1.40
2017-09-30 1.45
2017-06-30 1.59
2017-03-31 1.73
2016-12-31 1.88
2016-09-30 1.71
2016-06-30 1.78

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • BYD is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess BYD's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
BYD has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has BYD performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare BYD's growth in the last year to its industry (Auto).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • BYD has delivered over 20% year on year earnings growth in the past 5 years.
  • BYD's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • BYD's 1-year earnings growth is negative, it can't be compared to the HK Auto industry average.
Earnings and Revenue History
BYD's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from BYD Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1211 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 135,621.25 3,427.50 8,884.44 5,253.26
2018-12-31 130,054.71 2,780.19 8,803.12 4,989.36
2018-09-30 120,963.13 2,802.10 7,676.12 5,868.70
2018-06-30 115,028.00 2,822.66 7,414.03 5,464.59
2018-03-31 109,606.13 3,563.11 7,387.56 4,768.92
2017-12-31 105,914.70 4,066.48 7,977.22 3,739.49
2017-09-30 104,605.10 4,179.46 8,889.74 2,387.10
2017-06-30 103,558.07 4,515.37 10,251.54 1,383.49
2017-03-31 104,230.89 4,807.24 11,692.03
2016-12-31 103,470.00 5,052.15 10,976.93
2016-09-30 104,313.18 4,526.21 11,117.07
2016-06-30 93,376.17 4,616.48 9,592.55
2016-03-31 85,011.71 3,553.20 8,477.64
2015-12-31 80,008.97 2,823.44 8,292.98
2015-09-30 66,280.85 2,005.98 7,414.40
2015-06-30 63,062.54 539.49 7,091.63
2015-03-31 61,754.51 542.51 6,834.62
2014-12-31 58,195.88 433.53 6,489.94
2014-09-30 54,567.40 476.87 5,989.89
2014-06-30 53,538.06 486.81 5,615.88
2014-03-31 51,703.28 452.64 5,404.79
2013-12-31 52,863.28 553.06 5,301.54
2013-09-30 52,449.32 525.60 5,107.66
2013-06-30 50,312.70 492.05 4,807.57
2013-03-31 48,003.37 166.72 4,603.80
2012-12-31 46,853.77 81.38 4,614.26
2012-09-30 47,601.77 1,052.78 4,970.98

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • BYD has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • BYD used its assets more efficiently than the HK Auto industry average last year based on Return on Assets.
  • BYD's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess BYD's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Auto industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
BYD has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is BYD's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up BYD's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • BYD is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • BYD's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of BYD's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from BYD Company Filings, last reported 3 months ago.

SEHK:1211 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 62,145.61 65,241.01 13,929.69
2018-12-31 60,693.98 64,692.80 13,052.10
2018-09-30 59,845.13 61,298.81 14,102.52
2018-06-30 59,366.95 68,874.75 10,428.62
2018-03-31 60,150.84 59,453.71 8,142.10
2017-12-31 59,957.49 56,511.02 9,902.69
2017-09-30 58,875.73 56,267.40 8,779.72
2017-06-30 57,169.04 54,866.34 8,701.07
2017-03-31 56,332.87 50,054.84 9,097.58
2016-12-31 55,409.36 42,266.96 7,693.67
2016-09-30 54,631.79 37,038.61 7,590.73
2016-06-30 38,787.08 44,262.10 5,473.79
2016-03-31 36,883.35 38,539.12 3,910.08
2015-12-31 36,029.24 37,642.76 6,814.63
2015-09-30 32,619.25 39,239.34 4,904.83
2015-06-30 29,424.63 31,857.34 3,876.51
2015-03-31 29,059.22 28,190.46 5,055.22
2014-12-31 28,894.44 30,151.93 4,453.16
2014-09-30 28,694.90 30,858.71 6,070.08
2014-06-30 28,653.06 30,152.06 8,797.62
2014-03-31 24,951.09 24,538.73 4,979.14
2013-12-31 24,856.44 24,824.42 5,378.83
2013-09-30 24,700.36 24,683.98 6,484.75
2013-06-30 24,631.49 20,413.89 4,892.99
2013-03-31 24,332.89 19,412.13 3,854.76
2012-12-31 24,144.37 18,629.12 3,683.97
2012-09-30 24,091.74 19,560.71 4,081.45
  • BYD's level of debt (105%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (98.4% vs 105% today).
  • Debt is well covered by operating cash flow (20.1%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess BYD's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. BYD has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is BYD's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.48%
Current annual income from BYD dividends. Estimated to be 0.55% next year.
If you bought HK$2,000 of BYD shares you are expected to receive HK$10 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • BYD's pays a lower dividend yield than the bottom 25% of dividend payers in Hong Kong (2.07%).
  • BYD's dividend is below the markets top 25% of dividend payers in Hong Kong (5.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:1211 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
Hong Kong Auto Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 3.3%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 978 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:1211 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 0.28 10.00
2020-12-31 0.25 12.00
2019-12-31 0.17 10.00
SEHK:1211 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-07-19 0.204 0.482
2018-08-09 0.141 0.327
2017-06-07 0.545 1.129
2016-10-31 0.734 1.857
2015-10-29 0.000 0.000
2015-08-26 0.000 0.000
2015-04-28 0.000 0.000
2015-03-30 0.000 0.000
2014-06-26 0.050 0.154
2011-10-28 0.000 0.000
2011-08-22 0.000 0.000
2011-06-28 0.000 0.000
2011-03-14 0.000 0.000
2010-03-15 0.330 0.764
2008-09-25 0.000 0.000
2008-09-01 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BYD is not paying a notable dividend for Hong Kong, therefore no need to check if the payments are stable.
  • BYD is not paying a notable dividend for Hong Kong, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of BYD's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of BYD's dividends as it is not paying a notable one for Hong Kong.
Future Payout to shareholders
  • No need to calculate the sustainability of BYD's dividends in 3 years as they are not expected to pay a notable one for Hong Kong.
X
Income/ dividend checks
We assess BYD's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can BYD afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. BYD has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of BYD's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Chuan-Fu Wang
COMPENSATION CN¥5,667,000
AGE 53
CEO Bio

Mr. Chuan-Fu Wang serves as the President, Chief Executive Officer and Chairman of BYD Auto Co., Ltd. Mr. Wang serves as the Chairman and Chief Executive Officer of BYD Company Ltd. and served as its President. Mr. Wang held positions as vice supervisor in Beijing Non-Ferrous Research Institute, general manager in Shenzhen Bi Ge Battery Co. Limited. In February 1995, he Co-founded Shenzhen BYD Battery Company Limited (“BYD Industries”, became BYD Company Limited on June 11, 2002) and took the position of General Manager. He is Executive Director of BYD Company Ltd. since June 11, 2002. He is a non-executive director and the chairman of BYD Electronic (International) Company Limited, a director of Shenzhen DENZA New Energy Automotive Co., Ltd. (formerly known as Shenzhen BYD Daimler New Technology Co., Ltd.) vice chairman of Shenzhen Pengcheng Electric Automobiles Renting Co. Ltd. (, a director of Tianjin BYD Auto Co., Ltd., a director of China Railway Engineering Consulting Group Co., Ltd., an independent director of Renren Inc., a director of South University of Science and Technology of China and a director of BYD Charity Foundation. Mr. Wang is a technology expert. In June 2003, he was awarded Star of Asia by BusinessWeek. He was awarded with Mayor award of Shenzhen in 2004, “The 2008 CCTV Man of the Year China Economy Innovation Award”, Southern Guangdong Meritorious Service Award in 2011, and Zayed Future Energy Prize Lifetime Achievement Award in 2014 and Best Business Leader in China in 2015 etc. Mr. Wang graduated from Central South University of Technology (currently Central South University) in 1987 with a bachelor’s degree majoring in metallurgy physical chemistry, and then graduated from Beijing Non-Ferrous Research Institute in the PRC in 1990 with a master’s degree majoring in material science.

CEO Compensation
  • Chuan-Fu's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Chuan-Fu's remuneration is about average for companies of similar size in Hong Kong.
Management Team

Chuan-Fu Wang

TITLE
Chairman & CEO
COMPENSATION
CN¥6M
AGE
53

Ya-Lin Zhou

TITLE
Chief Financial Officer
AGE
42
TENURE
0.2 yrs

Qian Li

TITLE
Secretary to the Board
AGE
46

Jing-Sheng Wu

TITLE
Consultant
AGE
56
TENURE
0.2 yrs

Yu-bo Lian

TITLE
Chief Engineer of the Automobile Business
AGE
55

Jie Wang

TITLE
VP & CEO of Commercial Vehicles Division
AGE
55

Zhen Wang

TITLE
Officer of the President’s Office & Supervisor
COMPENSATION
CN¥1M
AGE
43
Board of Directors Tenure

Average tenure and age of the BYD board of directors in years:

11.1
Average Tenure
54.5
Average Age
  • The average tenure for the BYD board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Xiang-Yang Lv

TITLE
Vice Chairman
COMPENSATION
CN¥200K
AGE
57
TENURE
17.1 yrs

Chuan-Fu Wang

TITLE
Chairman & CEO
COMPENSATION
CN¥6M
AGE
53

Zhen Wang

TITLE
Officer of the President’s Office & Supervisor
COMPENSATION
CN¥1M
AGE
43
TENURE
17.1 yrs

Jun-Qing Dong

TITLE
Chairman of Supervisors
COMPENSATION
CN¥50K
AGE
85
TENURE
17 yrs

Zi-Dong Wang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥200K
AGE
61
TENURE
4.8 yrs

Tom Zou

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥200K
AGE
46
TENURE
4.8 yrs

Ran Zhang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥200K
AGE
42
TENURE
4.8 yrs

Zuoquan Xia

TITLE
Non-Executive Director
COMPENSATION
CN¥200K
AGE
56
TENURE
11.3 yrs

Yong-Zhao Li

TITLE
Independent Supervisor
COMPENSATION
CN¥50K
AGE
58
TENURE
11.1 yrs

Huang Jiang-Feng

TITLE
Supervisor
COMPENSATION
CN¥15K
AGE
39
TENURE
4.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
31. May 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 28. May 19 28. May 19 713,500 HK$47.40 HK$33,817,049
X
Management checks
We assess BYD's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. BYD has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

BYD (HKG:1211) Takes On Some Risk With Its Use Of Debt

The first step when considering a company's debt levels is to consider its cash and debt together. … Either way, since BYD does have more debt than cash, it's worth keeping an eye on its balance sheet. … If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

Simply Wall St -

Does BYD Company Limited's (HKG:1211) -3.8% Earnings Drop Reflect A Longer Term Trend?

After reading BYD Company Limited's (HKG:1211) most recent earnings announcement (31 March 2019), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 26%, indicating the rate at which 1211 is growing has slowed down. … I recommend you continue to research BYD to get a better picture of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for 1211’s future growth?

Simply Wall St -

Do Directors Own BYD Company Limited (HKG:1211) Shares?

General Public Ownership The general public, mostly retail investors, hold a substantial 54% stake in 1211, suggesting it is a fairly popular stock. … Sometimes we see private equity stick around for the long term, but generally speaking they have a shorter investment horizon and -- as the name suggests -- don't invest in public companies much. … Public Company Ownership Public companies currently own 10% of 1211 stock.

Simply Wall St -

Is BYD Company Limited's (HKG:1211) Balance Sheet A Threat To Its Future?

See our latest analysis for BYD 1211’s Debt (And Cash Flows) Over the past year, 1211 has ramped up its debt from CN¥59b to CN¥66b , which includes long-term debt. … Additionally, 1211 has produced CN¥13b in operating cash flow over the same time period, leading to an operating cash to total debt ratio of 20%, indicating that 1211’s operating cash is less than its debt. … Next Steps: 1211’s debt and cash flow levels indicate room for improvement.

Simply Wall St -

What Are Analysts Saying About BYD Company Limited's (HKG:1211) Growth?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … Based on BYD Company Limited's (HKG:1211) earnings update on 31 March 2019,

Simply Wall St -

Should BYD Company Limited (HKG:1211) Focus On Improving This Fundamental Metric?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Another way to think of that is that for every HK$1 worth of equity in the company, it was able to earn HK$0.059. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Investors Who Bought BYD (HKG:1211) Shares Three Years Ago Are Now Up 19%

Unfortunately for shareholders, while the BYD Company Limited (HKG:1211) share price is up 19% in the last three years, that falls short of the market return. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During the three years of share price growth, BYD actually saw its earnings per share (EPS) drop 6.0% per year.

Simply Wall St -

Is There Now An Opportunity In BYD Company Limited (HKG:1211)?

As a large-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Today I will analyse the most recent data on BYD’s outlook and valuation to see if the opportunity still exists.

Simply Wall St -

Is BYD Company Limited's (HKG:1211) Stock Available For A Good Price After Accounting For Growth?

Growth expectations for BYD Company Limited (HKG:1211) are high, but many investors are starting to ask whether its last close at HK$51.35 can still be rationalized by the future potential. … How is 1211 going to perform in the future. … The excitement around BYD's growth potential is not unfounded

Simply Wall St -

Should You Be Pleased About The CEO Pay At BYD Company Limited's (HKG:1211)

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … How Does Chuan-Fu Wang's Compensation Compare With Similar Sized Companies. … Our data indicates that BYD Company Limited is worth HK$154b, and total annual CEO compensation is CN¥5.8m.

Simply Wall St -

Company Info

Description

BYD Company Limited, together with its subsidiaries, engages in the rechargeable battery and photovoltaic, handset components and assembly, and automobile businesses worldwide. It operates through three segments: Rechargeable Battery and Photovoltaic Business; Mobile Handset Components and Assembly Service; and Automobiles and Related Products. The company manufactures and sells lithium-ion and nickel batteries, photovoltaic products, and iron batteries primarily for mobile phones, electric tools, and other portable electronic instruments; mobile handset components, such as housings and keypads; and automobiles, and auto-related molds and components, as well as provides assembly, and automobiles leasing and after sales services. In addition, it offers passenger vehicles, taxis, buses, coaches, urban logistics vehicles, urban construction vehicles, and urban sanitation vehicles; rail transit equipment; consumer electronics; and solar batteries. Additionally, the company develops, sells, and leases residential properties, as well as provides property management services. BYD Company Limited was founded in 1995 and is headquartered in Shenzhen, China.

Details
Name: BYD Company Limited
1211
Exchange: SEHK
Founded: 1995
HK$154,917,735,323
2,728,142,855
Website: http://www.byd.com/en/index.html
Address: BYD Company Limited
No. 3009, BYD Road,
Pingshan New District,
Shenzhen,
Guangdong Province, China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1211 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 31. Jul 2002
OTCPK BYDD.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 31. Jul 2002
DB BY6 Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 31. Jul 2002
LSE 0VSO Foreign Shares-Foreign Listed London Stock Exchange GB EUR 31. Jul 2002
SHSC 1211 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 31. Jul 2002
SZSC 1211 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 31. Jul 2002
WBAG BY6 Foreign Shares-Foreign Listed Wiener Boerse AG AT EUR 31. Jul 2002
OTCPK BYDD.Y UNSP ADR EACH REPR 2 SHS Pink Sheets LLC US USD 13. Oct 2008
SZSE 002594 Domestic Shares Shenzhen Stock Exchange CN CNY 30. Jun 2011
DB BY6A UNSP ADR EACH REPR 2 SHS Deutsche Boerse AG DE EUR 13. Oct 2008
XSEC 002594 Domestic Shares Shenzhen Stock Exchange - Shenzhen-Hong Kong Stock Connect CN CNY 30. Jun 2011
Number of employees
Current staff
Staff numbers
220,152
BYD employees.
Industry
Automobile Manufacturers
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/22 00:58
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/04/28
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.