联想集团(0992.HK):Sustainable growth ahead, Outperform,TP up to HK$6.3

机构:麦格理

评级:买入

目标价:6.3港元

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Key points 

We are raising our target price to HK$6.3 on improving fundamentals and a valuation re-rating. We are raising FY19–21E EPS rep 5% / 5% / 8%. 

As highlighted in January, we believe Lenovo is heading in the right direction, with profitability improving across all business lines. 

The shares are up 24% YTD (vs HSI Index -12%). We are positive on Lenovo given we see fundamental sustainable growth and 5% div yields. 

Price catalyst 

12-month price target: HK$6.30 based on a Price to Book methodology. 

Catalyst: 2Q FY19 results. Action and recommendation 

We maintain an Outperform rating. 

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