《大行報告》瑞銀下調聯想集團(00992.HK)目標價至6.85元評級「中性」
瑞銀發表研究報告,指雖然中國及美國在G20峰會後同意恢復貿易談判,但相信聯想集團(00992.HK)的業務前景仍具有不確定性。根據瑞銀供應鏈分析,由於目前行業能見度仍低,因此看到有潛在的下行風險。另外,若中美貿易談判無法取得有意義的進展,相信仍會進一步對終端需求帶來壓力。
該行續指,聯想集團的個人電腦和智能設備業務,在過去數季的營運一直處於強勢,因為在英特爾的CPU短缺情況下,它仍能獲得足夠的CPU供應。但展望未來,該行相信當CPU供應在下半年後期回復正常,其市佔率增長將會在短期內放緩,而小規模的競爭者將會重新取得部分失去的市場份額。
在移動業務方面,聯想集團在過去數季一直成功地達到及維持收支平衡,但相信一些簡單的提升工作已完成。要提升盈利能力的話,相信公司要進一步提升效能及擴大規模,但在現時全球智能手機市場增長放緩的預期下,這或會更具挑戰。
瑞銀指,由於現時行業能見度頗低,因此抱較審慎態度,將聯想集團2020財年(截至2020年3月底止)每股盈測由原來的8美仙下調至7.3美仙,並將目標價由原來的7.5元下調至6.85元,相當於2020財年預測市盈率12倍;維持「中性」投資評級。
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