The stock last traded at 21 times 12-month forward earnings, compared with a multiple of just 14 for Apple Inc. and 26 for both Tencent and Alibaba. Citigroup Inc., which last week initiated coverage of Xiaomi with a buy rating, said its valuation belies the company's strengths. Those include overseas opportunities and its ability to attract customers with cheap prices, which then provides a large and ready user base for the internet services business, analysts William Yang and Andre Lin wrote in a note. They did, however, say the stock is high risk due to its short trading history. BLOOMBERG