2Q20: weathered through the pandemic, raising FY21E on back of share gain opportunity; PT to HK$24.4
Summary: Total revenue was RMB53.5bn, up 7.7% QoQ/3.1% YoY, and Non-IFRS net profit came in at RMB3.4bn, up 46.6% QoQ in 2Q. Overall, given the smartphone share gain opportunity and econ recovery, we raise Xiaomi’s revenue/adj. EPS by 3.5%/10.9% to RMB323bn/RMB0.61/sh in FY21E from prev. ets. By applying 36x P/E (~0.9x PEG in FY20/21E), we derive our new PT of HK$24.4/sh vs. prior HK$22.0/sh.
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