《大行報告》花旗料小米(01810.HK)進行回購可支持股價仍看好長線前景
花旗發表報告指,小米(01810.HK)昨日(9日)上市一周年,總共約44億股(佔整體股份18%)股份的禁售期結束,其中包括恆隆地產(00101.HK)董事長陳啟宗家族旗下晨興資本所持的29.73億股,及小米3名聯合創辦人劉德、洪鋒、黎萬強所持股份。而小米創辦人雷軍和首席財務官在今年1月9日,即上市後6個月時,已承諾在將禁售期延長一年。
由於集團聯合創辦人仍然留在公司,及私募基金控股的退出以可管理方式進行,花旗預期小米禁售期結束帶來的壓力可逐步釋放,維持對集團的「買入」評級及目標價13元。
該行表示,小米在近期已斥逾10億元人民幣回購及購買超過1.06億股股份,回購金額相等於將去年回饋股東淨利潤12%。花旗又相信,集團作回購及股份禁售期結束有助支持股價表現,而且亦對集團的長遠前景持正面看法,認為其人工智慧+物聯網(AIoT)的總體有效市場龐大,可提供充足的增長空間,5G網絡亦可為互聯網服務提供更多機會。現價相當於2020年預測市盈率12倍,三年每股盈利複合增長率20%,花旗認為投資價值顯現,建議投資者於現價收集。
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