中金:维持联想控股(3396.HK)“中性”评级 目标价20港元
中金发表研究报告指,市场波动性增加或令联想控股(3396.HK)增长面临挑战,遂下调目标价约17%至20港元及维持“中性”投资评级。
中金将联想控股今、明两年的净利润预测分别下调10.3%和7.9%,维持收入预测不变。该行指出,公司的创新消费业务收入和利润下滑主要是由于公司不再将拜博口腔并表所致,又认为受市场需求疲软及存储零组件价格下滑影响,公司的服务器业务或将继续面临增长压力。
该行续指,金融服务板块业务方面,受贸易摩擦和宏观经济不确定影响,中小企业贷款业务发展暂时面临较大压力,小微贷款余额出现下滑,公司业务发展仍需时间恢复。不过,该行认为公司调整了财务投资发展战略,加快了资金回流,相信有望增强财务投资稳定性。
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