0150612-广发证券(香港)-联想集团（0992）：Flattish+outlook+for+next+quarter

Trading at a high-teen forward P/E Investors，in general，have lost interest in the ex-growth PC business.For instance，shares in HP（HPQ US，NR）have fallen 16% YTD and are now trading at 9.3x forward P/E.However，we see Lenovo as a unique case in the PC industry given its outlook for improved profitability，underpinned by a turnaround in its loss-making IBM server and Motorola mobile businesses.The stock is currently trading at 19.1x FY16 Bloomberg EPS estimate（FYE Mar 31，2016）.Its share price has risen 26% YTD.