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

2018-08-20 15:04 港股研报君 阅读 541

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. 

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