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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Xiaomi Corporation    1810   KYG9830T1067

XIAOMI CORPORATION

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Chinese Phone Maker Xiaomi Taps New Finance Chief

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08/27/2020 | 12:16am EDT

By Nina Trentmann

Chinese smartphone maker Xiaomi Corp. has appointed a new finance chief as it looks to increase its margins and unlock value from its investments in more than 300 startups.

Beijing-based Xiaomi, whose name translates as "little rice," Wednesday said Alain Lam plans to succeed Wang Xiang, the company's acting chief financial officer, in early October. Mr. Wang was appointed in April when former CFO Chew Shou Zi stepped down after nearly five years in the role to become president for international operations.

Xiaomi ranked fourth in terms of global smartphone shipments in the second quarter, according to research firm Canalys.

Mr. Lam joins Xiaomi from Credit Suisse Group AG, where he served as head of technology, media and telecom in the investment banking and capital markets team in the Asia Pacific region. He previously worked at Morgan Stanley covering equity capital markets for technology, media and telecom in Asia Pacific.

His background could indicate an intention to monetize some of Xiaomi's stakes in technology startups, for example in ByteDance Ltd., the owner of TikTok, or Huami Corp., a maker of smart wearable devices, said Romeo Alvarez, an analyst at advisory firm William O'Neill & Co. These investments are currently viewed as undervalued, he said.

In his new role, Mr. Lam is expected to help improve Xiaomi's profitability. Better profit margins could come from higher prices for the company's smartphones -- average sale prices jumped more than 12% in the second quarter compared with the prior year period -- as well as growing revenue in Xiaomi's e-commerce and gaming businesses, Mr. Alvarez said.

Xiaomi didn't immediately respond to a request for comment.

The company faces an uncertain macroeconomic environment in some of its markets because of the coronavirus pandemic.

"The chief challenge is proving the business model outside of China," said Mark Newman, a managing director at brokerage firm Sanford C. Bernstein.

The company's profit rose about 30% to 6.6 billion yuan ($966 million) in the six months ended June 30 compared with the prior year period, Xiaomi said Wednesday.

Xiaomi's market share in China, currently at around 10%, is expected to rise as its main domestic rival Huawei Technologies Co. faces new restrictions by the Trump administration, limiting its access to technology by Alphabet Inc.'s Google and other U.S. companies.

Worsening trade relations between China and India, two of the company's largest markets, could also hurt the firm. Xiaomi assembles the majority of its devices in India, but continues to import some components from China.

Dave Sebastian contributed to this article.

Write to Nina Trentmann at Nina.Trentmann@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.64% 1632.98 Delayed Quote.21.92%
CREDIT SUISSE GROUP AG 2.72% 9.878 Delayed Quote.-24.62%
HUAMI CORPORATION -0.26% 11.67 Delayed Quote.-2.91%
MORGAN STANLEY 0.19% 51.87 Delayed Quote.1.47%
SANFORD LIMITED -0.88% 5.6 End-of-day quote.-29.56%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.6642 Delayed Quote.-4.24%
XIAOMI CORPORATION -2.24% 21.85 End-of-day quote.102.69%
ZR (ZR) - CBE (ELECTRONIC)/C1 1.02% 12.345 End-of-day quote.-6.01%
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Financials
Sales 2020 240 B 35 831 M 35 831 M
Net income 2020 11 829 M 1 770 M 1 770 M
Net cash 2020 30 092 M 4 502 M 4 502 M
P/E ratio 2020 40,5x
Yield 2020 0,01%
Capitalization 454 B 67 980 M 67 981 M
EV / Sales 2020 1,77x
EV / Sales 2021 1,32x
Nbr of Employees 18 960
Free-Float 51,4%
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Technical analysis trends XIAOMI CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 35
Average target price 20,80 CNY
Last Close Price 18,85 CNY
Spread / Highest target 60,5%
Spread / Average Target 10,4%
Spread / Lowest Target -42,3%
EPS Revisions
Managers
NameTitle
Jun Lei Chairman & Chief Executive Officer
Xiang Wang President
Yan Qi SVP-Internal Operations & Public Affairs
Alain Lam Chief Financial Officer
Bin Lin Vice Chairman & President-Smartphone Department
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