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《大行報告》野村上調小米(01810.HK)目標價至27元 評級升至「買入」
阿思達克 03-12 09:48
野村發表的研究報告指,小米集團(01810.HK)股價調整後風險回報更好,將評級由「中性」升至「買入」,該行早前將小米評級下降,主要考慮其風險回報以及華為/榮耀在美國制裁後未必完全失落內地市場份額,不過自9月起公司股價跌約5%,而恆指則升13%,加上公司1月份被美國國防部列入清單。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元升至27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,假如小米成功獲美國法院的初步禁令,估計亦可成正面因素。

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說是重要的引擎,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戶的月活躍用戶增長。

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