[ET Net News Agency, 16 January 2020] Daiwa Research lowered its target price for
Lenovo Group (00992) to HK$6.5 from HK$7 and maintained its "buy" rating.
The research house expects the Intel CPU shortage to weigh on Lenovo's PC revenue in 4Q
2019 and even 1H 2020, but Daiwa expects corporate PC refresh demand to remain a key
driver in 2020.
It cut its estimate for Lenovo's PC revenue due to the extended shortage of Intel CPUs,
which, according to Lenovo, could last into 2Q 2020. In the near term, Daiwa forecast
Lenovo's PC revenue for 3Q FY2020 (ie, December quarter) to fall by 2-3% QoQ, versus
Daiwa's prior view of 3-5% QoQ growth.
Daiwa cut its FY2020-22 EPS forecasts by 2-5% to reflect the impact of the Intel CPU
shortage on Lenovo's PC revenue. (KL)
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00992 LENOVO GROUP
Nominal 
8.200 -0.060 (-0.726%) Others
16/01/2020 15:10
{I-bank focus}Daiwa lowers Lenovo Group (00992) to HK$6.5
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