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<Research>JPM Keeps Neutral on XIAOMI-W But Cuts TP to HKD35 as Margin Pressure Likely to Build Up
Recommend 14 Positive 28 Negative 22 |
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JPMorgan has released a report maintaining a Neutral rating on XIAOMI-W (01810.HK) in the belief that the margin pressure will build up in its smartphone and electric vehicle (EV) businesses. Specifically, XIAOMI-W's smartphone segment, affected by rising memory costs, may see 4Q25 gross margins drop to 8-9%, while its EV segment will have to face intensified competition and the termination of EV subsidies. JPMorgan believes these margin pressures will continue to weigh deeply on XIAOMI-W's earnings in the coming quarters and heap pressure on the company's stock price. Despite keeping the Neutral rating unchanged, JPMorgan has slashed its target price for XIAOMI-W from HKD38 to HKD35. AAStocks Financial News |
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