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01810 XIAOMI-W
RTNominal up14.940 +0.180 (+1.220%)
Research Report

06/12/2019 10:32

{I-bank focus}Xiaomi remains top player in India SP market

[ET Net News Agency, 6 December 2019] Nomura cited Xiaomi Corporation's (01810)
management, which attended Nomura Investment Forum 2019 in Tokyo, saying that the company
has some advantages in the 5G era such as a bigger market share in the online market with
a better gross margin there.
Xiaomi has around 20% share of the online market in China versus 4-5% of offline. In
China, around 25% of the smartphone market is online. Xiaomi's smartphone market shares in
major cities in China are mostly at the 10%+ level, better than low-tier cities.
One-third of Xiaomi's sales are to India and Xiaomi is still the No. 1 player there with
a 25-30% market share. Xiaomi faces some competition in India's online market from Samsung
and Oppo (Realme)/Vivo. It is fighting back in the offline market in India.
In general, India's smartphone market is a growing one despite competition. Nomura
maintained its "buy" rating on Xiaomi, with a target price of HK$11. (KL)

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