小米集團IPO－粗淺分析

我諗最快都6月 樓上有篇新聞

我認為佢地會話平

超額認購嘅話 唔係都穩賺咩 假如抽中

Jolla未聽過

For the first part, i think its because of the much higher margin that can be achieved by its internet service, as mentioned. So it's some sort of a price bundling strategy. The low-cost phone can be easily sold and expanded into emerging market, so more people will have to use the built-in MIUI system and hence more incomes generated from internet service.The rationale seems to be sound. But still from my perspective, when people start ditching low-price-average quality phones for medium/high-price-good-quality phone, the number of user of MIUI drops anyway.

As for the profitability issue, do you mean the value adjustment of those preferred shares that it issued in the earlier stage of its business leading to the huge losses in 2017???

雷蛇都有+X哥喎

留名學野

支持高汁po

留名收工睇

half the OP comes from fair value revaluation, take a look at the summary and appendix. dont wanna spell it all out

preferred shares is less of an issue, just accounting doesn't affect cash flow.

I follow your flow but dont agree with it all. in the long run we are all dead, but what is your investment horizon? if it is 3 years then u just need to worry about the 3 years growth not sth in 30 years time.

nevertheless, u really need to dig deeper on IOT and their service which u havent touched on. go to their show room to do some research. u dont have the chance to meet management but at least u can try the products and platform

try to come up with a valuation or all of this just end up like a discussion

I like your point about the time horizon! Worth considering!

Let me see if I can get a valuation
Many thanks for you comment anyway

All in 萬一掛牌抄唔起都好大鑊 小注抽 中就中 唔中就算了

多謝支持

多謝支持

take a look at seeking alpha on how people write and their logic flows
of coz, some are pretty cheap but some are damn good, way better than those actors in hk

this is the closest u can get.if u dont have access to sell side research...but anyway sell side is getting worse and worse

I will take a look! Hopefully can learn something!

我唔覺得而家既小米仲係純粹打平價
我反而唔太睇電話 睇佢其他家電 smart home 野
佢好多家電都拎design award 同埋佢所有野都行IOT 全部係自己ecosystem 度config
呢樣野可以令user retention 大d, 轉用其他品牌成本上升

(利申 無睇佢招股書d 數據)

IOT and mobile phone 都實都差不多是同一樣嘢，都是硬件，但真能提供高回報的主要的應是互聯網服務
User retention 大 -》互聯網服務增加 -〉淨利增加

當然是in my opinion

1000 億usd 佢hi 大咗
00700 成5000 億usd 係超高pe 同埋一樣¥500億+盈利
00005 00941 唔夠2000 億usd 但一年賺$1xxx億

都睇係熱門程度 我認為

我有冇睇錯
revaluation gain佔 op profit 一半？
感覺好可疑

無睇錯
而且過去三年都佔半

我都係咁諗 首中就掛牌走