BYD Electronic Another upside expected

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By :  ,  Financial Analyst

BYD Electronic (285.HK): Another upside expected

BYD Electronic (285), a handset components manufacturer, is one of the strongest stocks in Hong Kong market. Its share prices soared around 290% from March low, but the Hang Seng Index rebounded 13% only.

Recently, the company released a positive profit alert, stating that 9-month net income is expected to increase by no less than 320% on year, "mainly due to the continuous increase of the Group's share in major customers".

From a technical point of view, the stock broke above a consolidation zone, calling for a new rise. Currently, the stock prices are trading above both rising 20-day and 50-day moving averages. The ascending channel has formed and maintains the bullish technical outlook.

Bullish readers could set the support level at the previous low at HK$35.00, while the resistance levels would be located at HK$49.10 and HK$53.05.

Source: GAIN Capital, TradingView

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