[ET Net News Agency, 28 November 2019] Daiwa Research lowered its target price for
Xiaomi Corporation (01810) to HK$10 from HK$13 and maintained its "outperform" rating.
The research house said Xiaomi's 3Q revenue and operating profits were largely in line
with street expectations. Daiwa estimated the adjusted operating income of Xiaomi to still
grow by over 40% in 2020.
It sees limited downside risks to the current price level and believes recovering
Internet services, easing of the previous macro headwinds and improving smartphone sales
in terms of ASP and margins will drive the share price.
Taking into account the 1H results of soft smartphone sales, Daiwa cut its 2020-21
revenue forecasts by 16-18% and earnings estimates by 18-22%. (KL)
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01810 XIAOMI-W
Nominal 
15.820 -0.560 (-3.419%) Research Report
28/11/2019 10:20
{I-bank focus}Daiwa cuts Xiaomi Corporation (01810) to HK$10
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