[ET Net News Agency, 27 November 2020] DBS Group Research raised its target price for
Xiaomi (01810) to HK$40 from HK$24 and maintained its "buy" rating.
Incorporating better than expected smartphone and Internet services outlook in FY21F,
the research house accordingly raised the net profit projections by 4-21% for FY20-22F. It
expects net profit to deliver moderate growth at 6% in FY20F amid COVID-19, but stage a
strong recovery at 46% CAGR in FY21/22F, driven by smartphone market share gains from
Huawei followed by accelerating Internet services monetization. (RC)