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<Research>Macquarie Drops LENOVO GROUP (00992.HK) TP to $14.10, Rating Outperform
Recommend 4 Positive 10 Negative 8 |
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Considering tariff uncertainties, Macquarie lowered the expected margin improvement for LENOVO GROUP (00992.HK)'s IDG business, and kept rating at Outperform. However, the broker dropped its target price by 6% to $14.10. Driven by increased revenue scale, LENOVO GROUP's operating profit for the March quarter (i.e., 4FQ25) in the IDG, ISG and SSG beat expectations, according to Macquarie's research report. Revenue increased by 23% YoY to US$17 billion, 9% higher than market consensus. Operating profit grew by 30% YoY to US$497 million, surpassing both the expectations of the broker/ market by 4%/ 8%, mainly due to ISG business turning profitable. Non-operating losses expanded YoY due to the fair value loss on warrants. Non-HKFRS adjusted net profit hiked by 25% YoY. AASTOCKS Financial News Website: www.aastocks.com |
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