Xiaomi's EV Momentum May Propel Earnings Higher -- Market Talk

Dow Jones04-12

0513 GMT - Xiaomi's stronger-than-expected electric-vehicle business may drive higher revenue and gross profit margin this year, Morgan Stanley analysts write in a note. The Chinese smartphone maker's positive market feedback has led the analysts to apply a higher probability to the Xiaomi EV's bull case, which is forecast to yield CNY110 billion in equity value. Morgan Stanley raises its 2024-2025 net profit forecasts by 7%-10%. The analysts think the EV segment's success will have a positive impact on the smartphone and Internet of Things divisions as well. Morgan Stanley pegs Xiaomi as its sector top pick and raises its target price to HK$20.00 from HK$17.50. Shares are last up 2.6% at HK$16.50. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

April 12, 2024 01:13 ET (05:13 GMT)

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