建銀國際:上調聯想集團(0992.HK)目標價至10.5港元 發行CDR為催化劑
建銀國際發表報吿表示,聯想集團(0992.HK)公佈計劃在內地發行存託憑證(CDR)於上海科創板上市,發行股份佔擴大後股本不超過10%,該行認為發行CDR將成為推動估值的催化劑,因可吸引更多內地投資者,同時集團軟件服務收入增長快速,將可提供更高的利潤率及提升盈利,有助長遠獲重新評級,該行有信心有關業務於2021至22年度複合年增長達30%,並於2023年度整體收入佔比提高至14%,該行將聯想目標價由6.7港元上調至10.5港元,維持“優於大市”評級。
報吿指,IDC數據顯示去年第四季聯想個人電腦付運量按年升29%,超越整體市場26%的增長幅度,預計聯想2021財年第三季度盈利按年增長19%至3.07億美元,受惠於個人電腦的強勁表現所支持,該行對2022年度集團個人電腦表現持正面看法,主要因在家工帶動PC需求,以及商業個人電腦的更換。
建銀國際又將聯想2021至23年度盈利預測調高2-12%,以反映強勁的個人電腦及服務銷售預測。

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