Home » Yamato cuts Lenovo Group’s target price by 16.7% to 9.5 Hong Kong dollars, reiterating its “outperform” rating

Yamato cuts Lenovo Group’s target price by 16.7% to 9.5 Hong Kong dollars, reiterating its “outperform” rating

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Yamato FatResearch reportrefer to,Lenovo GroupFirst quarter of fiscal year 2022PerformanceExceeded the bank’s expectations, mainly due to higher than expected revenue and operating leverage. Although the demand for work at home may gradually weaken from the second quarter of fiscal year 2022, the bank expects that the commercial PC business will recover, and the company’s focus on the service/solution business will maintain its profit momentum.

Daiwa raised the company’s 2022-23 fiscal year’s earnings per share by 22-24% to reflect the strong first quarter results of the 2022 fiscal year and better revenue/margin trends. However, as market concerns about the prospects of home work intensified, the bank adjusted the stock-earnings ratio target to 10 times (previously 13 times; close to the lower limit of 8-14 times in the past three years), and lowered the target price from 11.4 Hong Kong dollars To 9.5 Hong Kong dollars.

Daiwa reiterated that the stock outperformed the market rating and believes that the current valuation is attractive.

Main risk: The shortage of parts exceeds expectations.

(Source: Jinwu Finance)


Article source: Jinwu Finance

Editor in charge: DF515

Original Title:[Broker Focus]Daiwa cuts Lenovo Group’s target price by 16.7% to HK$9.5, reiterating its “Outperform” rating

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