Macquarie Research noted that Lenovo (00992), during CES 2017 (5-8 January), showcased VR headsets and AR glasses, a further step after the launch of its AR smartphone, Phab 2 Pro.
The research house maintained its non-consensus "outperform" rating (with a target price of HK$8) on the stock, given (1) the new VR and AR products further enriching Lenovo's ecosystem of PCs, smartphones,
and enterprise, (2) ASP/Margin expansion seen in smartphones in the past two consecutive quarters, and (3) PCs, the cash cow, with enterprise are paving the way for long-term growth.
The stock currently trades at 6x FY2018 (2Q 2017-1Q 2018), which is attractive considering its 21% EPS CAGR in FY2017-19 (low base in FY2017), Macquarie said.
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