瑞銀:首予小米(1810.HK)“買入”評級 目標價13.2港元
瑞銀髮表研究報告,首予小米集團(01810.HK)“買入”評級,目標價13.2港元,認為其商業模式利用其智能手機及IoT生態,以推動一連串的互聯網相關服務,相信現時仍未反映其IoT生態持續增長、新商業IoT機遇及服務業務變現等利好因素,相信日後當這些因素更加明顯時,公司應可獲估值重評,令估值回到接近國際IoT及互聯網服務同業的水平。
該行的調查顯示,內地受訪者有較大意願升級至5G,並願意消費更多,該行估計5G全球滲透率將為20%,由於小米在內地覆蓋較大,故估計其滲透比例將更高,該行估計公司2020及2021年智能手機全球出貨量增長將分別為8%及6%。
瑞銀指出小米的IoT業務續有表現,去年第三季未計手機及電腦,設備連接數量按年增長62%至2.13億台,而智能電視規模亦正擴大,並可透過內容及廣告等變現,該行相信公司正在建立新的商業機遇,或可帶來獨特的服務變現潛力,而在互聯網金融業務上其應用程式下載量亦在增加。

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