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<Research>Citi Drops XIAOMI-W (01810.HK) TP to $40, Keeps Buy Rating
Recommend 9 Positive 13 Negative 11 |
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XIAOMI-W (01810.HK)'s 4Q25 adjusted net profit beat the expectations of both Citi Research and the market, primarily driven by non-operating items, Citi Research issued a research report saying. Management expected 2026 R&D expenses to exceed RMB40 billion, with a total of over RMB200 billion in the next five years. Its AI investment budget (including operating and capital expenditures) was RMB16 billion, totaling RMB60 billion from 2026 to 2028. The Group reiterated its target of achieving an EV shipment volume of 550,000 this year. Considering the pressure on gross margins due to rising memory prices and increased operating expenses, Citi Research lowered its 2026/ 2027 adjusted EPS forecast for XIAOMI-W by 19%. Based on the SOTP valuation method, the broker dropped its target price from $42 to $40, with a projected PE ratio of 18.8x for core business and a forecasted PS ratio of 1.5x for the EV business in 2026, as well as rating kept at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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