Xiaomi 1810

Re: Xiaomi 1810

Postby winston » Mon Jul 20, 2020 1:12 pm

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Xiaomi Corp (1810 HK): BUY
Market Cap: US$48,152m | Average Daily Value: US$336.5m
Last Traded Price: HK$15.08; Price Target: HK$16.00 (Upside 6.1%)

Group call takeaways: Stronger premium and international smartphones to drive Internet services growth

Smartphones: Launching more affordable 5G smartphones at ASP of US$100-150 in 2H20 to improve mid-to-low end market share, while enlarging market share in high end market

IOT: Revenue and margin growth driven by product expansion

Internet services: Higher ARPU from growing premium and international smartphone users, which will structurally drive Internet services

Reiterate BUY and TP of HK$16

Source: DBS

https://researchwise.dbsvresearch.com/R ... ffidkfhgbh
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Re: Xiaomi 1810

Postby winston » Sun Aug 09, 2020 3:41 pm

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Xiaomi

Xiaomi is known for selling quality phones at competitive prices.

In 2018, the company announced its intention of having an after-tax net profit margin of no greater than 5% for its hardware business, which includes smartphones and Internet of Things (IoT) products.

Given its competitive prices, Xiaomi has many customers in China’s less developed areas.

Rather than make money on the hardware, Xiaomi has strived to make money on services, which are typically higher margin.

As China’s less developed areas develop, Xiaomi could presumably find it easier to sell more services.

For Xiaomi to really benefit from the trend, however, the company will need to keep its share of users.

In the past Xiaomi has lost market share in China as companies like Huawei have become more competitive.

Source: Motley Fool
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Re: Xiaomi 1810

Postby winston » Wed Aug 19, 2020 11:53 am

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Xiaomi Corp (1810 HK) - Huawei’s pain is Xiaomi’s gain

On 17 Aug, the US Department of Commerce announced further restricted access by Huawei and its non-US affiliates on the Entity List to items produced domestically and abroad from US technology and software.

In our view, this latest development prevents Huawei from relying on 3rd-party chip designers for its handsets, and could significantly curtail Huawei smartphone production internationally.

We believe this opens the door for Chinese OEMs like Xiaomi to gain share, and there is reasonable precedence from this, especially after Xiaomi’s inroads into the European market following Huawei’s loss of access to Google Mobile Services last year.

This is also important to Xiaomi as China is its most profitable smartphone market due to opportunities for internet service monetization.

Upcoming HSI and HSCEI inclusions, together with what we believe to be Xiaomi’s scarcity value in exposure to increasing share in the Chinese smartphone market, results in us increasing our target P/E multiple from 21x to 26x.

We maintain our earnings estimates for now in light of the upcoming earnings release on 26 Aug.

All considered, together with FX adjustments, our FV estimate arises from HK$15.31 to HK$19.24. Maintain BUY.

Source: OCBC
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Re: Xiaomi 1810

Postby winston » Thu Aug 27, 2020 8:41 am

Xiaomi's profit surges 129pc to 4.4b yuan

by Avery Chen

First-half revenues rose to 103 billion yuan. REUTERS

Mainland smartphone maker Xiaomi (1810) reported better-than-expected revenue and net profits last quarter, driven by its new premium smartphones and rising overseas demand.

For the quarter ended June, Xiaomi's net profit surged 129.8 percent to 4.49 billion yuan (HK$5.05 billion).

Revenue during the period increased by 3.1 percent to 53.5 billion yuan, beating analysts' expectations of 51.41 billion yuan, according to Reuters.

For the first half, its revenue rose 7.9 percent to 103.2 billion yuan from a year ago, while net profit rose 29.3 percent to 6.65 billion yuan.

The company did not declare an interim dividend, and basic earnings per share were 27.9 fen.

President Wang Xiang said Xiaomi's overseas business has recovered to pre-pandemic levels. But the average daily number of smartphone activations in India, Xiaomi's core offshore market, was about 72 percent of pre-pandemic levels due to strict lockdown measures starting in late March in the country, Wang said.

Despite geopolitical tensions between China and India, Wang said Xiaomi sees more opportunities in the market in the second half, and expects that the upcoming Dussehra festival will boost smartphone sales.

Also, Xiaomi has appointed Alain Lam Sai-wai as chief financial officer and a vice president, the company announced yesterday. Lam was managing director and head of technology and media at Credit Suisse.

Source: The Standard

https://www.thestandard.com.hk/section- ... -4.4b-yuan
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Re: Xiaomi 1810

Postby winston » Fri Aug 28, 2020 3:20 pm

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Xiaomi Corp (1810 HK) - Eating someone else’s lunch

Xiaomi’s 2Q20 results came in above expectations.

Adjusted net profit came in at RMB 3.4b, or 43% above consensus.

Smartphone demand appears to be recovering, with smartphone activation rates in July coming in at 72% and 120% vs. January levels for India and ex-India overseas markets, respectively.

We also believe that Xiaomi is well positioned to pick up market share in the domestic market from Huawei, who will face severe risks to their smartphone business under the new US Department of Commerce restrictions.

We also believe that Huawei’s main focus has been on the mid-to high-end smartphone market, and this air pocket allows Xiaomi to tap into a higher ASP segment.

Management noted significant synergies between smartphones and AIoT, and focus continues to be on strengthening risk controls as it relates to internet finance, despite the industry headwinds.

All considered, we raise our forecasts and inch our target P/E multiple slightly from 26x to 27x (higher end of Xiaomi’s historical trading spectrum), resulting in a higher FV of HK$23.83 (from HK$19.29). Maintain BUY.

Source: OCBC
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Re: Xiaomi 1810

Postby winston » Mon Nov 02, 2020 1:10 pm

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Getting the biggest slice of Huawei’s pie

Xiaomi’s smartphone shipments jumped 46% yoy to 44.8m (all-time quarterly high) in 3Q20 due to market share gains in Europe, India and China.

Xiaomi is well positioned to capture Huawei’s market in Europe and China due to its enriched 5G portfolio from low-to mid-range and premium products.

Reiterate Add. Our TP, based on 28x FY22F P/E, is raised to HK$29.19 due to EPS hikes.

Source: CIMB

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Re: Xiaomi 1810

Postby winston » Thu Nov 26, 2020 3:00 pm

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Xiaomi Corp (1810 HK) - Strong smartphone share gains

Xiaomi’s 3Q20 results came in above expectations.

On smartphones, management remains optimistic on its future growth trend, in areas such
as Europe, Latin America and India.

We also believe that Xiaomi should be able to increase market share further, given that Huawei still has ~41% share in China in 3Q20, according to Canalys.

On internet services, management noted that the focus is on user acquisition overseas rather than monetization.

Notwithstanding this strategy, we note that overseas internet has already grown over 75% YoY and accounts for ~12% of internet service revenue.

Specifically, on the Consumer Finance portion within the Fintech segment, we understand that the loan balance has been shrinking, and improvement in the business has been observed in the past few months.

We remain constructive on the name, despite Xiaomi having returned 125% since our upgrade to BUY in May, at time of writing.

Source: OCBC
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Re: Xiaomi 1810

Postby winston » Wed Dec 02, 2020 6:56 am

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Xiaomi seeks US$3.2b in share sale

by Winnie Lee

The smartphone maker will also raise US$855 million through convertible bonds. REUTERS

Xiaomi (1810) is seeking to raise as much as to raise as much as US$3.2 billion (HK$24.9 billion) from a share placement, at a discount of up to 9.4 percent.

The news came as China's No. 2 smartphone maker overtook Apple to the number 3 slot in global shipments.

Xiaomi will sell 1 billion shares in a top-up placement to raise as much as US$3.2 billion, according to terms of the deal obtained by Bloomberg News.

The shares are being offered at HK$23.70 to HK$24.50 each, representing a 6.3 percent to 9.4 percent discount to its closing price of HK$26.15 on Monday.

It's Hong Kong's largest top-up placement on record, data compiled by Bloomberg show.

Xiaomi is also seeking US$855 million through a seven-year, zero-coupon convertible bond, the terms show.

The combined share placement and convertible bond sale is expected to raise up to US$4 billion.

Credit Suisse Group, Goldman Sachs, JPMorgan Chase & Co and Morgan Stanley are arranging Xiaomi's offering.

Xiaomi shares had been on a rally this year, rising 146 percent from a year ago.

However its stock slipped after it disclosed that its internet services revenue had grown at its slowest pace in three years in the September quarter.

Xiaomi grabbed market share from Huawei when American sanctions deepened particularly in overseas markets from Europe to India.

Meanwhile, global smartphone unit sales dropped 5.7 percent year-on-year to 366 million units in the third quarter, with Xiaomi beating Apple to the third slot for the first time ever, market researcher Gartner said.

Samsung and Huawei took the first and second spots respectively.

Source: The Standard

https://www.thestandard.com.hk/section- ... share-sale
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Re: Xiaomi 1810

Postby behappyalways » Fri Jan 15, 2021 5:35 pm

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Re: Xiaomi 1810

Postby winston » Mon Jan 18, 2021 10:35 am

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XIAOMI CORP (1810 HK)

Recommendation : HOLD
Fair Value : HKD 29.59

GOOD RIDE; MOVING TO THE SIDE.

Inclusion into DoD’s blacklist translates into near-term selling pressure, though fundamentals largely intact

Competition from Honor around the corner while Xiaomi continues to expand its offline presence

Growth story on track, but risk-reward less attractive; maintain FV of HK$29.59

Xiaomi has been added to the list of ‘Communist Chinese military companies’ by the US DoD, which should result in near-term pressure on the stock, but unlikely to translate into material operational impact.

The larger downside risk could be in the form of inclusion into the DoC’s Entity List, though that is not the case for now.

Separately, Honor is now coming back to the market for the first time after its sale from Huawei, and reports suggest co-operation with Qualcomm and potentially Mediatek.

In spite of this, we maintain our view that Xiaomi will continue to gain market share domestically, especially as it looks to aggressively expand its offline distribution channels this year.

Still, valuations do not point to an attractive risk-reward dynamic at this juncture, given that it is trading slightly above the high end of its historical trading range, coupled also with the near-term developments as outlined above.

We would look for a more attractive opportunity to gain incremental exposure, given that Xiaomi has risen ~152% since our upgrade to Buy back in May 2020.

Source: OCBC
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