Hong Kong Stock Market News | Xiaomi Group-W rose more than 3%, Morgan Stanley listed the company as a top pick with a target price of HKD 20
Xiaomi Group-W's stock price rose by more than 3% to reach HKD 16.66, with a turnover of HKD 7.32 billion. Morgan Stanley has designated Xiaomi Group as a top pick and raised the target price from HKD 17.50 to HKD 20. Analysts pointed out that the increase in target price is based on the valuation improvement of Xiaomi's electric vehicle business and the synergistic effect of smartphones and AIoT. In addition, Xiaomi Group announced its performance for the fourth quarter of 2023, with revenue increasing by 10.9% year-on-year, gross profit increasing by 37.2% year-on-year, and adjusted net profit increasing by 236.1% year-on-year. It is expected to achieve revenue of approximately RMB 270.97 billion in 2023, a decrease of 3.2% year-on-year
According to the information from the Wise Finance and Economics APP, Xiaomi Group-W (01810) rose by more than 3%, up 3.61% at the time of publication, reaching HKD 16.66 with a turnover of HKD 7.32 billion.
On the news front, Morgan Stanley raised the target stock price of Xiaomi Group's Hong Kong stocks from HKD 17.50 to HKD 20 in a report, listing it as a top pick. Analysts, including Andy Meng, pointed out that the target price increase was based on the valuation of Xiaomi's electric vehicle business increasing from RMB 90 billion to RMB 110 billion, as well as the synergistic effect of smartphones and Artificial Intelligence of Things (AIoT).
In terms of performance, the company previously announced its performance for the fourth quarter of 2023, with revenue of approximately RMB 73.244 billion, a year-on-year increase of 10.9%; gross profit of RMB 15.614 billion, a year-on-year increase of 37.2%; adjusted net profit of approximately RMB 4.91 billion, a year-on-year increase of 236.1%; profit for the period was RMB 4.7235 billion, a year-on-year increase of 50.3%. In 2023, revenue reached approximately RMB 270.97 billion, a year-on-year decrease of 3.2%; gross profit of RMB 57.476 billion, a year-on-year increase of 20.8%; adjusted net profit of approximately RMB 19.273 billion, a year-on-year increase of 126.3%; attributable net profit to owners of the company was RMB 17.475 billion, a year-on-year increase of 606.34%; earnings per share was RMB 0.7