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<Research>Bernstein Cuts XIAOMI-W TP to $57, Rating Outperform
Recommend 22 Positive 44 Negative 19 |
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Bernstein published a research report on XIAOMI-W (01810.HK). Although the company faces near-term headwinds, as the recent stock price adjustment reflects market concerns over EV order demand, slackening IoT growth, and rising memory costs, the broker remained positive on Xiaomi's premiumization and strong overseas expansion. The proportion of Xiaomi's high-end smartphones in China ascended from 17% in 2021 to 28% in 2Q25. The ASP hiked from below RMB2,000 in 2022 to above RMB2,500 in 9M25. Bernstein believed Xiaomi's brand advantage lies in its value-for-money and ecosystem, with its technological strength and performance improvements also being recognized. However, Xiaomi still needs to enhance its operating system to further boost its technological image. The broker rated XIAOMI-W at Outperform and lowered the target price from HKD60 to HKD57. In light of the gradual removal of subsidies and intensified competition, the broker cut its forecast for the IoT; however, it raised its forecast for the EV given increased delivery volumes. AASTOCKS Financial News Website: www.aastocks.com |
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