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<Research>UBS Drops XIAOMI-W (01810.HK) TP to HKD34.5, Lowers Earnings Forecasts, Maintains Neutral Rating
Recommend 19 Positive 27 Negative 29 |
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XIAOMI-W (01810.HK) charted revenue of RMB99.1 billion in 1Q26, down 10.9% YoY and 15.2% QoQ, 3.3% above UBS' estimate and broadly in line with market expectations. Non-IFRS net profit reached RMB6.1 billion, beating UBS and market forecasts by 11.7% and 7.5%, respectively. Xiaomi forecast the upsurge in memory costs to moderate in 3Q26, although the uptrend is likely to sustain through 2027/28, UBS mentioned. Xiaomi pledged not to simply raise the ASP of existing models, but instead to offer better quality new products with attractive features and continue mix shift to high-end. In addition, management is confident of achieving its target of delivering 550,000 EVs in FY2026. The broker lowered its TP for Xiaomi from HKD36 to HKD34.5 and maintained a Neutral rating. It cut its adjusted EPS forecasts for 2026 and 2027 by 25% and 28%, respectively, and reduced its core earnings forecasts by 15% and 14%. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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