Xiaomi Corporation (1810.HK)

[specuvestor]

"That compares with a net loss of 43.89 billion yuan for the whole of 2017, according to its draft prospectus.

When one-off items are excluded, Xiaomi said it made a net profit of 1.04 billion yuan in the first quarter, compared with 3.9 billion yuan for the whole of 2017."

Last year excluding one offs, Xiaomi would have made 3.9 billion instead of a 43.89 billion yuan loss.

This quarter excluding one offs, Xiaomi said it would make a 1.04 billion yuan profit instead of a 7 billion yuan loss.

As potential investor, I am curious to know how many one-offs are there to go. Please show the cashflow statement for a better valuation of this 100 billion company. If one observes the cash flow of the company purely from operations, Xiaomi is not generating much operating cashflow in the past 3 years. Based on last FY alone, the company is generating about 7 bil yuan (or US$1 billion) in op cash flow before wc changes, unless we are so optimistic that Xiaomi's business will grow much larger, a US$100 billion market cap is not plausible

http://www.hkexnews.hk/APP/SEHK/2018/201...030005.pdf

Was thinking about same thing. Most of the one-off relates to Equity & Pref shares investments and Conv Pref shares valuation loss in 2017. The cashflow in section I-92 which shows operating cash dropped from RMB4.74b to RMB0.5b with huge increase in WC