0445 GMT - Xiaomi's smartphone revenue likely strengthened in 3Q, thanks to the pass-through of higher selling prices and resilient demand, supported by new model launches, Daiwa analyst John Choi says in a note. The brokerage now forecasts total revenue of 106 billion yuan for the quarter. However, smartphone shipments likely fell, reflecting strict volume control as management shifts the product mix toward higher-end models. Yet the growth in average selling prices is expected to have remained robust as Xiaomi continued to execute its premiumization strategy, Choi adds. Daiwa raises its target price on the stock to HK$35.00 from HK$30.00 and maintains a buy rating. Shares are last at HK$28.64.
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