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《大行报告》瑞银下调联想集团(00992.HK)目标价至6.85元评级「中性」
阿思达克 07-08 10:51

瑞银发表研究报告,指虽然中国及美国在G20峰会後同意恢复贸易谈判,但相信联想集团(00992.HK)的业务前景仍具有不确定性。根据瑞银供应链分析,由於目前行业能见度仍低,因此看到有潜在的下行风险。另外,若中美贸易谈判无法取得有意义的进展,相信仍会进一步对终端需求带来压力。

该行续指,联想集团的个人电脑和智能设备业务,在过去数季的营运一直处於强势,因为在英特尔的CPU短缺情况下,它仍能获得足够的CPU供应。但展望未来,该行相信当CPU供应在下半年後期回复正常,其市占率增长将会在短期内放缓,而小规模的竞争者将会重新取得部分失去的市场份额。

在移动业务方面,联想集团在过去数季一直成功地达到及维持收支平衡,但相信一些简单的提升工作已完成。要提升盈利能力的话,相信公司要进一步提升效能及扩大规模,但在现时全球智能手机市场增长放缓的预期下,这或会更具挑战。

瑞银指,由於现时行业能见度颇低,因此抱较审慎态度,将联想集团2020财年(截至2020年3月底止)每股盈测由原来的8美仙下调至7.3美仙,并将目标价由原来的7.5元下调至6.85元,相当於2020财年预测市盈率12倍;维持「中性」投资评级。

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