Equity Analysis /
Hong Kong

HK : Xiaomi Corporation - Looking for SP shipments to resume growth

    Ray Kwok
    Ray Kwok

    Technology Analyst

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    CGS-CIMB
    23 November 2022
    Published byCGS-CIMB

    3Q22 adjust. et profit grew 2% qoq and formed 67% of our FY22F forecast, largely in line as we expect operations will continue to improve in 4Q22F. We expect smartphone shipments to gradually improve in 4Q22F, and a more meaningful recovery in 2H23F. We estimate 175m SP units in FY23F. Reiterate Add. TP of HK$12.0 is based on 18x FY23F P/E.