XPeng August deliveries 39,100 units, up 3.7%; broker sees upside, XPENG03 target at 3.15 baht

Earnings
โดย Kaohoon·CN·Read original
Summary · why it matters

XPeng Inc., the Chinese smart electric vehicle maker, reported August 2026 deliveries of 39,107 units, up 3.7% year-on-year and 2.8% month-on-month. This marks the third consecutive month of delivery growth and the second-highest monthly total this year, trailing June's 40,126 units. In the first eight months of 2026, XPeng delivered a cumulative 243,111 units, down 10.5% year-on-year but improving from the 12.8% decline in the first seven months. For Q3 2026, the company targets deliveries of 115,000-121,000 units. With July-August combined deliveries at 77,134 units, XPeng needs to deliver an additional 37,866-43,866 units in September to meet its target. Asia Plus Securities views this as a positive factor for XPeng's share price in the short term, as deliveries have resumed growth and sales trends show signs of recovery, supported by product line expansion, including the MONA L03, which has begun deliveries, and the G9L, which launched and started deliveries in September. However, XPeng still needs to significantly accelerate sales to achieve its target of over 60,000 units per month in Q4 2026, which is about 53% higher than August deliveries. It remains to be seen whether increased sales volume from new models will enhance profitability. For investment strategy, Asia Plus Securities recommends investors look for opportunities to buy for short-term trading on the positive news flow. For medium-to-long-term investment, it suggests accumulating shares on price weakness. If Q4 2026 deliveries meet targets and profit margins improve, it would be a clearer confirmation of recovery. XPeng shares listed on the Hong Kong Stock Exchange under code 9868 HK are currently trading at 44.48 Hong Kong dollars, while Bloomberg Consensus gives a 1-year target price of 74.37 Hong Kong dollars. As for the Depositary Receipt (DR) referencing XPeng shares under the name XPENG03, it is currently trading at 1.90 baht with a reference target price of 3.15 baht, based on an exchange rate of 4.25 baht per Hong Kong dollar and a conversion ratio of 1 to 100. On the technical front, Asia Plus Securities assesses XPENG03's price movement as sideways, with support at 1.70-1.80 baht and resistance at 2.00-2.40 baht.

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Asia Plus Securities issues positive view and recommends buying on delivery growth, supporting short-term share price.

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