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<Research>M Stanley: LENOVO GROUP (00992.HK) Sales Decline Guidance Too Conservative; Rating Kept at Equalweight
Recommend 6 Positive 13 Negative 9 |
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LENOVO GROUP (00992.HK)'s 3FQ26 adjusted net profit increased by +15% QoQ/ -15% YoY to US$589 million, exceeding both the expectations of Morgan Stanley/ the market, according to Morgan Stanley's research report. The management expected the overall PC sales for this year to decline in mid-single-digits YoY, while smartphone sales to drop in high-single-digits YoY. However, given the pace of memory price hike, the broker believed that the Company's expectations remain too conservative and saw downside risks, as January's OEM shipments were below expectations, and Morgan Stanley observed that the outlook for the PC supply chain has also turned cautious. However, Morgan Stanley considered LENOVO GROUP to be the best-positioned enterprise among the Greater China OEMs it covers, with rating kept at Equalweight and a target price of $9.8. AASTOCKS Financial News Website: www.aastocks.com |
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