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UBS Trims XIAOMI-W (01810.HK) TP to $46, Rating Neutral; 3Q Results Roughly In Line
2025-11-19 11:05:58
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.
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