小米集团-W(01810.HK)：Maintain Outperform，TP HK$30.00

机构：麦格理

评级：买入

目标价：30港元

Key points

Xiaomi announced they split four business units (BUs) to ten BUs for motivating internal talent and aim to set up stronger operating mechanisms.

We are positive about this proactive review and organization fine-tuning, aimed at enhancing morale and driving internet services with specific teams.

We see Xiaomi’s determination in developing internet services, with five new BUs focused on different parts: e-commerce, MIUI, APPs, etc.

Price catalyst

12-month price target: HK$30.00 based on a PER method (35x 2018E PE).

Catalyst: 3Q18 results

Action and recommendation

Maintain Outperform.