BofAS cuts XIAOMI TP to $9.8, rating underperform
BofAS cuts XIAOMI TP to $9.8, rating underperform
BofA Securities reduced the 1Q22E sales and adjusted earnings for $XIAOMI-W(01810.HK)$ by 6% and 31%, respectively, to factor in the latest 1Q smartphone shipment volume data published by a third party provider and ongoing operation burden caused by elevated logistics costs.
In light of the weak outlook for the smartphone market and pressure on internet earnings, the broker reiterated the Underperform rating for XIAOMI-W and chopped its target price from $11.5 to $9.8.
The smartphone shipment of XIAOMI-W was predicted to face multiple headwinds throughout this year amid macroeconomic weakness in Europe. The 2022-23E shipment volume were lowered to 179 million units and 200 million units, respectively, compared to previous estimates of 190 million units and 204 million units.
美国银行证券减少了2012年第一季度销售额和调整后收益$小米集团-W(01810.HK)$分别增长6%和31%，以计入第三方提供商发布的最新第一季度智能手机出货量数据，以及物流成本上升造成的持续运营负担。
鉴于智能手机市场前景黯淡和互联网盈利压力，该经纪公司重申了对小米集团-W的评级，并将其目标价从11.5美元下调至9.8美元。
由于欧洲宏观经济疲软，小米集团-W的智能手机出货量预计将在今年全年面临多重阻力。2022-23年的出货量分别下调至1.79亿台和2亿台，而此前的估计分别为1.9亿台和2.04亿台。
Concerned about the rising opex ratio on the company's electric vehicle (EV) expansion, the broker likewise trimmed the 2022-23E earnings by 15% and 9%, respectively.
由于担心该公司电动汽车(EV)扩张的运营支出比率上升，该经纪商同样将2022-23e的收益分别下调了15%和9%。