[I-bank focus]Lenovo's (00992) results show multiple beats

    Lenovo (00992) just released FY4Q 2016 (CY1Q 2016) results. Macquarie Research noted several beats: Gross margin: GM of 16.6% (versus 14.6% in FY3Q 2016 and 15.7% in FY4Q 2015); Operating margin: OPM of 2.7% (versus 2.9% in FY3Q 2016 and 1.2% in FY4Q 2015); and Net income: Net income of US$278m (-7.4% QoQ, 152.3% YoY).
  Regarding FY2016 shipment, PC market share gain despite slowing PC industry: 56m (-6% YoY) with market share at 21% (up 1.3ppts compared to FY2015). Smartphone: 66m (-13% YoY) with market share at 4.6% (down 1.1ppts compared to FY2015) due to product transition.
  The research house is reviewing its numbers and will provide more details after the earnings call.
  Macquarie maintained its non-consensus "outperform" rating on Lenovo, with a target price of HK$8.8.