[Xiaomi Inc. (1810 HK) Target Price Change]: Picking Both Earnings and Scale, but Obtaining Neither

[Xiaomi (1810 HK, SELL, TP HK$8.2) Company Update]: EV Expense Acceleration at the Starting Line

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

China/Asia TMT, Blue Lotus Research Institute

Shawn Yang

China/Asia TMT

China TMT research

Blue Lotus Research Institute

​​​​​​​​Blue Lotus is a China headquartered research institution covering overseas listed China TMT stocks. 

Equity Bottom-Up

<ul>
<li>Xiaomi reported C1Q23 top-line and non-IFRS net income (6.9%) and 20.7% vs. our est., and in-line and 39.9% vs. consensus; </li>
<li>We suggest that higher margins are transitory, as (1) key IC component prices may have bottomed, (2) EV spend is likely to ramp up further. </li>
<li>We maintain SELL and HK$ 8.2 TP, implying 26x FY23 PE.</li>
</ul>


Xiaomi reported C1Q23 top-line and non-IFRS net income (6.9%) and 20.7% vs. our est., and in-line and 39.9% vs. consensus; 
We suggest that higher margins are transitory, as (1) key IC component prices may have bottomed, (2) EV spend is likely to ramp up further. 
We maintain SELL and HK$ 8.2 TP, implying 26x FY23 PE.


[Xiaomi (1810 HK, SELL, TP HK$8.2) Earnings Review]: Good Cost Control Could Be Transitory

Xiaomi Corp

[Xiaomi (1810 HK, SELL, TP HK$8.2) Earnings Review]: Good Cost Control Could Be Transitory