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《大行報告》摩通升小米(01810.HK)評級至「中性」 目標價上調至12元
阿思達克 05-18 10:12
摩通發表研究報告將小米(01810.HK)評級升至「中性」,目標價由9元升至12元,該行認為市場預測短期或存在下行,但料市場將看好公司可受惠華為被禁,但現時仍未見到針對華為的禁令有多嚴重,以及華為在內地的智能手機市場會否受影響,但該行仍相信小米在內地的市場份額最終可獲提升,而短期股價表現可跑贏。

該行估算盈利復甦仍有機會較慢,但考慮到廣告市場弱勢,以及內地以外新興市場復甦平均,將公司2020年經調整每股盈利預測降12%,但就提升了目標價,認為公司可受惠內地市場份額提升。

該行指出公司的市場份額及智能手機平均銷售單價維持大致不變,而華為則顯著向上,如華為在獲取芯片方面挑戰增加,公司有機會可獲取內地的市場份額,短期將成重要的正面因素。該行現時估算次季小米智能手機銷量將跌23%,而2020財年則料跌5%,主要因為新興市場受疫情影響,但認為相關因素已反映在股價上,而新興市場需求將在下半年復甦。

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