[ET Net News Agency, 9 January 2019] Credit Suisse lowered its target price for Xiaomi
Corporation (01810) to HK$11.6 from HK$14.1 and maintained its "neutral" rating.
The research house lowered its 2019/20 EPS forecasts by 7.1%/8.7%. It was conservative
with Xiaomi's China smartphone volumes this year. Credit Suisse said recent trends suggest
a more severe correction, consistent with its views.
Credit Suisse lowered its flat 2019 China volumes to 7% decline, accounting for demand
and channel digestion. It expects Mi TV volumes to double this year, driven by India/SEA
expansion. Recent TCL partnership/stake strengthens the Mi TV business.
Credit Suisse expects IoT sales growth to outpace all segments, especially Internet
Services as China MAU growth stalls this year, and a deceleration in ARPU increase.
It added that the lock-up expiry on 9 January likely drives continued selling pressure.
(KL)
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01810 XIAOMI-W
Nominal 
15.800 -0.580 (-3.541%) Others
09/01/2019 15:14
[I-bank focus]Credit Suisse lowers Xiaomi (01810) to HK$11.6
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