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<Research>Nomura Slashes XIAOMI-W (01810.HK) TP to $33, Forecasts 2026 Smartphone Shipments to Drop ~20%
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Nomura kept rating at Neutral on XIAOMI-W (01810.HK), and slashed its target price from $61 to $33. The broker believed that XIAOMI-W's smartphone shipments will face downside risks amid rising bill of materials (BOM) costs. Nomura previously forecasted a low single-digit YoY decline in 2026 shipments. However, following several months of deteriorating market conditions, shipments could drop by approx. 20% YoY if overall cost pressures do not relieve throughout the year. The sales base for IoT business has been at high levels from 2H24 to 1H25. Coupled with high market expectations for the EV business, the broker was concerned about XIAOMI-W's smartphone and EV operations this year, as demand and profitability may be weaker than anticipated. AAStocks Financial News Website: www.aastocks.com |
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