External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

[Xiaomi Inc. (1810 HK) Target Price Change]: Picking Both Earnings and Scale, but Obtaining Neither

[Xiaomi (1810 HK, SELL, TP HK$8.2) Company Update]: EV Expense Acceleration at the Starting Line

[Xiaomi (1810 HK, SELL, TP HK$8.2) Earnings Review]: Good Cost Control Could Be Transitory

Equity Bottom-Up

<ul><li>Xiaomi’s 4Q22 weakness is largely anticipated, and adj. net profit decline of 67% YoY is 9%/13% above our/consensus estimates, driven by stronger margins and improved product mix.</li><li>Looking ahead, we believe smartphone weakness in 1H23E has been largely priced in, and earnings growth will rebound sequentially given improving channel inventory, overseas AIoT recovery and better internet revenue.</li><li>We are also positive on Xiaomi’s focus on operating efficiency and profitability improvement amid macro headwinds in the near term.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Xiaomi’s 4Q22 weakness is largely anticipated, and adj. net profit decline of 67% YoY is 9%/13% above our/consensus estimates, driven by stronger margins and improved product mix.Looking ahead, we believe smartphone weakness in 1H23E has been largely priced in, and earnings growth will rebound sequentially given improving channel inventory, overseas AIoT recovery and better internet revenue.We are also positive on Xiaomi’s focus on operating efficiency and profitability improvement amid macro headwinds in the near term.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK) – 4Q22 better than feared; All eyes on profitability recovery in 2023

Xiaomi Corp

Xiaomi (1810 HK) – 4Q22 better than feared; All eyes on profitability recovery in 2023