《大行報告》摩通:小米-W(01810.HK)估值偏低 惟未見重大催化劑
摩根大通發表報告指,小米-W(01810.HK)第三季經調整利潤按年下跌59%符合預期,主因宏觀疲弱及中國需求放慢,令智能手機、智能物聯網及互聯網服務在內的所有板塊表現都下滑。
該行指,即使小米估值偏低,但稱未見其具重大催化劑,其中內地庫存調整雖然已基本完成,但集團補貨過程相當平靜,料其內地市佔的增長前景亦似乎有限。
摩通表示,由於內地及海外市場的需求持續受壓,該行預計其互聯網服務業務也不會有強勁復甦。該行維持對小米「中性」評級及目標價11.5元,相當其未來12個月市盈率15倍。
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