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<Research>BofAS Trims XIAOMI-W TP to $57; ST Risks Present but LT Positives Intact
Recommend 20 Positive 37 Negative 15 |
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BofA Securities published a research report indicating a slight downward adjustment in XIAOMI-W (01810.HK)’s 3Q revenue by 3% to RMB112 billion (down 3% QoQ or up 22% YoY), and forecast a GM of 22.7% (up 0.2 ppts QoQ or up 2.3 ppts YoY). The quarterly increase in GM was expected to benefit from the rising proportion of the EV business. BofA Securities forecast that, based on operational expense control, the group's real operating profit (after SG&A, R&D) will be RMB8.9 billion (flat QoQ or up 70% YoY). Overall, BofA Securities raised the group's adjusted profit to RMB10.1 billion (down 7% QoQ or up 61% YoY). In view of the 3Q preview and short-term risks, BofA Securities lowered the group's net profit for FY2025 and FY2026 by 1% and 8%, respectively; and fine tined the FY2027 forecast. The broker trimmed its SOTP-based TP on XIAOMI-W to HK$57 from HK$69 as it lowered multiple for both core business and EV business. The Buy rating was reiterated, as the unique ecosystem from smartphones, IoT to EV should bolster long-term growth. AASTOCKS Financial News Website: www.aastocks.com |
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