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01810 XIAOMI-W
RTNominal down18.940 -0.500 (-2.572%)
Research Report

08/01/2019 14:22

[I-bank focus]Deutsche Bank lowers Xiaomi (01810) to HK$18.6

[ET Net News Agency, 8 January 2019] Deutsche Bank lowered its target price for Xiaomi
Corporation (01810) to HK$18.6 from HK$21.4 and maintained its "buy" rating.
The research house has recently caught up with Xiaomi management to gauge the current
state of business affairs. In short, it thinks Xiaomi is managing a tough macro and weak
smartphone environment as well as it can, but weak macro and smartphone environment is
creating downward pressure on earnings.
DB believes the lockup expiry on January 9 and near-term headwinds may keep the stock
under pressure, but it sees the potential for a recovery in momentum into 2H 2019. DB also
adjusted down its 2018 and 2019 non-IFRS EPS estimates by 3% and 27% respectively. (KL)

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