HK : Xiaomi Corporation - Robust smartphone sales intact

Xiaomi’s 1Q21 adjusted net profit beat our/Bloomberg consensus forecasts by 45%/50% on stronger-than-expected GPM in SP and Internet services. Retain 210m SP shipments forecast in FY21F due to Europe expansion. Reiterate Add. Target price HK$34.80 unchanged, based on 34x FY22F P/E.

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