《大行報告》瑞銀降小米(01810.HK)評級至「中性」 目標價上調至15.5元
瑞銀發表的研究報告指,小米(01810.HK)今年以來升約37%,同期滬深300指數及恆指分別升14%及跌12%,將小米評級由「買入」降至「中性」,目標價則由15元升至15.5元,對公司的勢頭感覺良好,主要因為公司內地業務相對較強,而透過線上渠道5G手機推出較進取,而互聯網服務變現的策略亦非其他內地智能手機廠商可提供,另外公司在歐洲擴張勢頭亦較好。
公司將於8月尾公布業績,該行認為盈利向上空間有限,主要疫情在其他地方亦重現,加上公司在印度的業務亦持續面對挑戰,包括是生產層面,以及中印關係升溫或為需求帶來長遠影響。
該行指出小米能否將中國的互聯網服務變現模式複製至海外市場仍是主要憂慮,而過去半年該行相信投資者已將焦點轉向歐洲市場及印度的互聯網服務變現機會,假如小米能在歐洲或印度複製其互聯網服務變現模式,估計盈利將有顯著提升,而其估值可回到上市水平並與互聯網同業可比。
該行提升了對公司的收入預測,並提升了對其智能手機出貨量的預測,但考慮到公司受制於印度生產,成本將有所增加,總體而言估計2020/21年公司收入將分別增12%及25%,而每股盈利的年複合增長將為20%。(el/k) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.