[ET Net News Agency, 4 January 2021] Guotai Junan International raised its target price
for Xiaomi (01810) to HK$35.5 from HK$28 and maintained its "accumulate" rating.
The research house said Xiaomi outperformed in the China market in 3Q 2020, due to its
good performance in mainstream product layout, brand reputation drive, and offline channel
expansion. In India, its production capacity recovered to nearly 85% of the pre-pandemic
level. In Europe, Xiaomi continued to gain market share from Huawei and became the
third-largest brand in Western Europe for the first time.
In 2021, Guotai Junan expects that Xiaomi will still be able to gain more market share.
Besides, by continuing to implement the dual-brand strategy, Xiaomi will be able to
maintain its strong presence in the low-end and middle-end smartphone markets while
expands share in the high-end smartphone market. It revised up FY2020-22 EPS forecasts by
0.3%/1.9%/3.4%, respectively. (KL)
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01810 XIAOMI-W
Nominal 
16.800 +0.200 (+1.205%) Research Report
04/01/2021 17:21
Guotai Junan lifts Xiaomi (01810) to HK$35.5; "accumulate"
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