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Research Report

05/02/2021 16:53

{I-bank focus}BOCOM lifts Lenovo Group (00992) to HK$12

[ET Net News Agency, 5 February 2021] BOCOM International Research lifted its target
price for Lenovo Group (00992) to HK$12 from HK$9.2 and maintained its "buy" rating.
The research house said Lenovo's 3Q FY2021 PTI (pre-tax income) jumped 52% YoY (26% QoQ)
on strong PC shipment growth, improvement in PTI margins for all three businesses, and
continued strong growth of software and services (up 36% and accounting for 8.1% of
Lenovo expects the strong growth of software and services to continue, driven by growth
in DaaS (Device as a Service) (targeting Fortune 500 clients), its growing service
offerings in SMB (small and mid-sized business) via its channel partners, and growth from
complex solution services.
BOCOM raised its FY2021/22 EPS estimates by 11%/18% on the 3Q FY2021 earnings beat and
better margin outlook on all three divisions. (KL)

Remark: Real time quote last updated: 29/09/2021 09:49
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