0217 GMT - Xiaomi looks set to keep outperforming thanks to tailwinds like the Chinese AI sector upswing, Daiwa analyst John Choi writes in a note. The company's smartphone shipments have been boosted by a new model series and government subsidies, he says. Canalys data showed that Xiaomi shipped 42.7 million smartphones in 4Q, brining full-year deliveries to 168.6 million, he adds. Consumer subsidies and market expansion will likely drive better-than-expected sales of Internet of Things devices as well, he adds. The brokerage forecasts higher IoT revenue of CNY30.5 billion in 4Q, up 29% on year thanks to a better revenue mix and market growth. Daiwa keeps an outperform rating on the stock and raises the target to HK$50.00 from HK$31.50. Shares last at HK$43.80. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
February 16, 2025 21:17 ET (02:17 GMT)
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