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<Research>UBS Trims XIAOMI-W (01810.HK) TP to $46, Rating Neutral; 3Q Results Roughly In Line
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Negative
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XIAOMI-W (01810.HK) charted 3Q25 revenue of RMB113.121 billion, representing a YoY growth of 22.3% and a QoQ shrinkage of 2.4%, aligning with UBS' and market's expectations, UBS said in its report. The non-IFRS net profit stood at RMB11.3 billion, up 80.9% YoY and up 4.4% QoQ, topping the broker's and market's expectations by 8.7% and 9.7%, respectively.

The broker lowered its EPS forecasts for 2026 and 2027 by 13% and 5%, respectively, to reflect smartphone GPM pressure from higher memory cost and conservative shipment outlook after ASP elevation. The target price was trimmed from HKD53.5 to HKD46, with the Neutral rating kept.

Related NewsUOB Kay Hian Trims XIAOMI-W's TP to HKD54.6 w/ Rating Kept Buy

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