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<Research>HSBC Research: LENOVO GROUP (00992.HK) Benefits from Commercial PC Replacement Cycle; TP Added to $12.9
Recommend 4 Positive 17 Negative 2 |
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LENOVO GROUP (00992.HK)'s 1FQ26 gross margin was 14.7%, below the expectations of HSBC Global Research/ market of 16.2%/ 16.3%, HSBC Global Research said. Operating profit margin was 3.4%, in line with the broker's forecast, but below the market consensus of 3.5%. EPS beat both the predictions of HSBC Global Research/ market by 24%/ 16%. LENOVO GROUP's management expected mid-to-high single-digit growth in PC deliveries for the current fiscal year, implying a 14% QoQ increase in revenue for the IDG segment in 2FQ26, the broker noted. HSBC Global Research anticipated that the commercial PC replacement cycle will support an increase in the department's gross margin this year, with limited tariff impact on its PC business as production lines for US-bound products have been relocated to Vietnam. The broker raised its FY2026 EPS forecast for LENOVO GROUP by 13%, but maintained its forecasts for FY2027. The broker added its target price from $12.1 to $12.9, with rating kept at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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