[ET Net News Agency, 8 April 2020] BOCOM Research lowered its target price for Lenovo
Group (00992) to HK$5.8 from HK$7.5 and maintained its "buy" rating.
The research house expects Lenovo's March quarter (4Q FY2020) earnings to be depressed
due to a smaller revenue scale. On the smartphone side, the delayed re-opening of its
Wuhan factory has led to a shipment shortfall in the near term. On the PC side, consumer
PC demand is likely to be weak. While the commercial PC business is holding up better,
this is likely not enough to offset the consumer PC decline. For DCG, BOCOM believes the
surge in the cloud has led to increased shipments for data center servers, but the order
delays on the enterprise side suggest weaker product mix in the near term.
BOCOM lowered its FY2020/21 EPS forecasts by 5%/16%. It believes demand disruption will
continue in the June quarter (1Q FY2021) given the global impact from COVID-19. (KL)
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00992 LENOVO GROUP
Nominal 
8.850 +0.200 (+2.312%) Research Report
08/04/2020 09:30
{I-bank focus}BOCOM lowers Lenovo Group (00992) to HK$5.8
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