聯想(0992.HK)遭沽空機構追擊 大和仍予“優於大市”評級
大和總研發表研究報告指,聯想(0992.HK)遭沽空機構Bucephalus Research指有造假之嫌,第三財季數據內有非常讓人感憂慮的信號,但聯想否認指控。該行仍予其“優於大市”投資評級。
沽空機構Bucephalus指,聯想應收帳款的增長速度快於收入增長,應收帳款增長40%,是連續第四年增長超過30%。聯想回應指其商用PC業務中定期進行應收帳款(factoring)業務,而第三財季的保理金額較低,故應收帳款較高。
聯想又指,現時公司的現金狀況建康逾30億美元,而數據中心的增長超過PC業務亦未必會影響現金流模式。
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