Lenovo (992.HK)：Y1Q19 beat，NI+136％QoQ，Outperform，TP HK$5.10

机构：麦格理

评级：买入

目标价：5.1港元

Lenovo announced FY1Q19 results with pretax income at US$113m (+206% QoQ), which is 24% ahead of street estimates. Revenues at US$11.9bn (+12% QoQ, +19% YoY), which is 6% / 7% ahead of our / street estimates. GM sustained at 13.7% (vs. 13.6% in FY1Q18), and opex ratio improved to 12.2% (vs. 13.7% / 13.6% in FY1Q18 / FY4Q18), leading operating income to 35% / 37% ahead of our / street estimates.     

Action and recommendation

Maintain Outperform.