A unit of electric-vehicle maker BYD Co. that also supplies parts for Apple Inc. has climbed 23% this month, making it the best performer on a benchmark of Chinese technology stocks.
(Bloomberg) — A unit of electric-vehicle maker BYD Co. that also supplies parts for Apple Inc. has climbed 23% this month, making it the best performer on a benchmark of Chinese technology stocks.
BYD Electronic International Co. has risen on strong earnings as well as expectations for its auto and smartphone component businesses. The company recently announced plans to buy Jabil Inc.’s manufacturing business in China, and the market may also begin to “factor in the inorganic growth opportunity,” Citigroup Inc. analyst Andre Lin wrote in a note.
The stock tops the Hang Seng Tech Index in August, with all but two of the gauge’s 29 other members in the red after a month of volatile moves as investors assessed Beijing’s incremental stimulus for the flagging economy. Gains in BYD Electronic and others have helped the tech gauge rebound 8% in the past two weeks, however, with help from bullish corporate results.
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