报告名称：Lenovo Group(00992.HK)FY4Q16E：Weak PCmobile as expected Focus on margin/enterpri
报告类型：港股研究
报告日期：2016-05-20
研究机构：招商证券（香港）
股票名称：联想集团
股票代码：00992
页数：7
简介：We expect FY4Q16E (Jan-Mar16) revenue/net profit growth of -12%/+87% YoY, 6%/1% below consensus although mobile/enterprise margin improvement partly offset weak PC/smartphone
Solid FY17E growth drivers: accelerating share gains in ex-China’s mobile (India/Indonesia) and China’s enterprise segment (BAT)
Major catalysts include PC/Mobile stabilization in 2H16E; Negatives priced in with historical low valuation of 7.9x FY17E P/E, 20% below mean minus 1-SD valuation of 10.0x

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