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DBS: Lenovo Group – Buy Target Price HK$10.10

Posted on November 7, 2022November 7, 2022 By alanyeo No Comments on DBS: Lenovo Group – Buy Target Price HK$10.10
Hardware business sees headwinds; robust server and service business to sustain growth
  • 2QFY3/23 net profit rose 6% y-o-y to US$ 541m, in line with the market consensus, driven by margin expansion
  • Operating margin increased 0.2ppt y-o-y to 5%, on increased contribution from the service business
  • Cut FY3/23-FY3/24 earnings by 10%/24% due to more cautious outlook
  • Lower TP to HK$10.1 but maintain BUY on strong earnings growth of 18%/21% in FY24/25F and an undemanding valuation
Lenovo_4-Nov-2022_HK_CU-Results-1Click here to Download Full Report in PDF

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Research - Equities Tags:Lenovo Group

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