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 $9.8.
The smartphone shipment of XIAOMI-W was predicted to face multiple headwinds throughout this year amid macroeconomic weakness in Europe. The 2022-23E shipment volume were lowered to 179 million units and 200 million units, respectively, compared to previous estimates of 190 million units and 204 million units.
美國銀行證券減少了2012年第一季度銷售額和調整後收益$小米集團-W(01810.HK)$分別增長6%和31%，以計入第三方提供商發佈的最新第一季度智能手機出貨量數據，以及物流成本上升造成的持續運營負擔。
鑑於智能手機市場前景黯淡和互聯網盈利壓力，該經紀公司重申了對小米集團-W的評級，並將其目標價從11.5美元下調至9.8美元。
由於歐洲宏觀經濟疲軟，小米集團-W的智能手機出貨量預計將在今年全年面臨多重阻力。2022-23年的出貨量分別下調至1.79億臺和2億台，而此前的估計分別為1.9億臺和2.04億台。
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.
由於擔心該公司電動汽車(EV)擴張的運營支出比率上升，該經紀商同樣將2022-23e的收益分別下調了15%和9%。