We published a note on Xiaomi (1810 HK)’s first quarter earnings review. We maintained our Buy Rating with PT of HK$22 and keep 20% full-year topline growth and EPS forecast unchanged, as we see: 1) Xiaomi’s 5G and premium strategy started to pay off for smartphone, 2) IoT will recover from supply chain disruption, and 3) monetization diversification of internet services.
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