DBS Initiates Coverage on ECARX, Highlighting Global Expansion and Path to Profitability
DBS Group Research has initiated coverage on ECARX Holdings Inc. (Nasdaq: ECX) $亿咖通(ECX)$ , a global mobility technology provider, citing its expanding global partnerships, improving earnings visibility, and clear roadmap toward profitability.According to DBS Group Research, ECARX’s fair value is US$2.80 per share, based on a 1.1x FY2025F/2026F forward EV/sales multiple, representing a discount compared to peers’ median of 1.7x, reflecting confidence in the company’s fundamentals and operational execution.DBS Group Research highlights ECARX’s international expansion momentum, underpinned by new design wins and long-term programs with major global automakers, including a key partnership with Volkswagen Group set to commence in FY2026, with initial l