野村:上調小米(1810.HK)評級至“買入” 目標價升至27港元
野村發表的研究報吿指,小米集團(1810.HK)股價調整後風險回報更好,將評級由“中性”升至“買入”。雖然小米正被多項指數剔出,股價經過調整後相信市場對競爭方面的憂慮已部分反映,故將評級提升,目標價由23港元升至27港元。
該行指出由於小米被數項指數剔出,估計將有資金被動流出,相信在3月12日後措施生效後公司壓力將減輕,留意到大部分被剔出指數的中資企業在生效後股價反應亦正面。
該行指出今年以來小米股價跑輸在港上市的半導體股份及華為/榮耀供應鏈企業,當公司在內地智能手機市場份額為12%時,股價約在20至25港元的水平,而現時公司內地市佔已達15%,認為其智能手機市場份額對股價來説是重要的引擎,假設公司維持市場份額在現水平,其股價應會反彈。
展望踏入2021年下半年公司在互聯網業務方面或會減慢,並估計今年小米在相關銷售增長方面相對智能手機業務會較保守,主要因為金融服務及遊戲方面發展較慢,不過公司重拾內地智能手機市場份額,估計有助帶動下半年互聯網用户的月活躍用户增長。

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