[ET Net News Agency, 13 November 2018] HSBC Global Research lifted its target price for
Lenovo Group (00992) to HK$5.6 from HK$4.8 and maintained its "hold" rating.
The research house said Lenovo's net income for 2Q FY2019 (ended 30 September) came in
at USD168m (US1.41c EPS), beating HSBC/consensus by 23%/48% on stronger-than-expected PC
shipments and narrowing losses from its mobile business.
Despite the gross margin sliding by 29bps QoQ/30bps YoY from the unfavourable product
mix of more datacentre products sold to hyper-scalers (versus traditional server brand
companies), the operating profit margin improved by 65bps QoQ/142bps YoY to 2.2% thanks to
narrowing losses from the MBG (Mobile Business Group) helped by cost reduction.
HSBC lifted its FY2019-21 EPS forecasts by 19-21% to factor in the better-than-expected
2Q FY2019 results and improved operating margin assumptions for the MBG. (KL)
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00992 LENOVO GROUP
Nominal 
9.390 +0.010 (+0.107%) Others
13/11/2018 14:07
[I-bank focus]HSBC raises Lenovo Group (00992) to HK$5.6
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