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《大行報告》美銀證券下調小米(01810.HK)評級至「中性」 削目標價至26.4元
阿思達克 12-02 14:40
美銀證券發表研究報告,降小米(01810.HK)評級至「中性」,目標價由30元降至26.4元,以反映其配股和可換股債發行攤薄每股表現。

該行維持對公司智能手機正面看法,同時維持對盈利預期的看法,但降2020-22年每股盈利預測,反映攤薄效應。

該行指,公司配售10億股,加上發行可換股債,集資最多265億元人民幣,但同時公司在第三季持有302億元人民幣現金,以及淨現金117億元人民幣。上述交易完成後,公司持有之現將升至567億元人民幣,淨現金增至325億元人民幣,2021年股本回後跌至13%(原本16%)。相信新配售將增加投資者對現金效率,以及對未來估值增長空間的擔憂。

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