《大行报告》花旗料小米(01810.HK)进行回购可支持股价仍看好长线前景
花旗发表报告指,小米(01810.HK)昨日(9日)上市一周年,总共约44亿股(占整体股份18%)股份的禁售期结束,其中包括恒隆地产(00101.HK)董事长陈启宗家族旗下晨兴资本所持的29.73亿股,及小米3名联合创办人刘德、洪锋、黎万强所持股份。而小米创办人雷军和首席财务官在今年1月9日,即上市後6个月时,已承诺在将禁售期延长一年。
由於集团联合创办人仍然留在公司,及私募基金控股的退出以可管理方式进行,花旗预期小米禁售期结束带来的压力可逐步释放,维持对集团的「买入」评级及目标价13元。
该行表示,小米在近期已斥逾10亿元人民币回购及购买超过1.06亿股股份,回购金额相等於将去年回馈股东净利润12%。花旗又相信,集团作回购及股份禁售期结束有助支持股价表现,而且亦对集团的长远前景持正面看法,认为其人工智慧+物联网(AIoT)的总体有效市场庞大,可提供充足的增长空间,5G网络亦可为互联网服务提供更多机会。现价相当於2020年预测市盈率12倍,三年每股盈利复合增长率20%,花旗认为投资价值显现,建议投资者於现价收集。
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