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UOB Kay Hian Lifts XIAOMI-W TP to $16.8, Foresees 3Q Adj. NP at RMB5B

UOB Kay Hian expected $XIAOMI-W(01810.HK)$ 's 3Q23 revenue to rise 0.3% YoY to RMB70.6 billion, with a strong recovery in smartphone deliveries, and modest growth in AIoT and network service businesses. Gross margins were a surprise, thanks to strong pricing, low cost components, and optimization of SKU management.

The broker forecast gross margins of the company to expand by 0.4 ppts QoQ, operating expense ratio to fall further, and 3Q23 adjusted net profit to reach RMB5 billion, up 136.1% YoY.

UOB Kay Hian raised its net profit forecast on XIAOMI to RMB16.3 billion, RMB16.6 billion and RMB17.7 billion for 2023-25 respectively. The target price was lifted from HKD15.3 to HKD16.8, and its rating was maintained as Buy.
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