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Research Report

16/02/2021 17:47

{I-bank focus}Goldman lifts Lenovo Group (00992) to HK$10.85

[ET Net News Agency, 16 February 2021] Goldman Sachs lifted its target price for Lenovo
Group (00992) to HK$10.85 from HK$4.9 and maintained its "neutral" rating.
The research house said Lenovo delivered stronger-than-expected December-quarter
results, showing its business transition from an IT products supplier to IT software and
services provider is taking effect.
Goldman is positive on the company's business transition, with PCs as a solid cash cow,
supported by large scale and growing attaching services; smartphones turned around via
product mix upgrade, while data centers narrowed losses via more high-end products
(hyper-converged infrastructure, high power computing, storage, etc.).
Goldman raised its net income estimates by 22%/60%/65% for FY2021-23, mainly on higher
revenues, better GM and opex ratio, to reflect the business transitions. However, it
believes the positives and negatives are largely in the price. (KL)

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