《大行报告》美银证券上调联想集团(00992.HK)目标价至10.7元 评级「买入」
美银证券发表的报告指,联想集团(00992.HK)拟发中国存托凭证(CDR)在上交所科创板上市,涉及新股占扩大後股份总数不超过10%,该行估计在科创板上市将带动公司市盈率,因为现时其市盈率仅13倍,而科创50指数2021年预测市盈率约65倍。募资所得将用於研发及新业务,以加强品牌地位及长远竞争优势,而公司的全球布局亦是其主要竞争优势,该行上调对联想的盈利预测,将目标价由6.2元升至10.7元,重申评级「买入」,估计公司盈利增长较快,以及可自CDR获得估值溢价。
该行预期联想经历去年第四季出货量强劲後,於2021年PC出货量将维持强势,管理层亦指出踏入2021年可见性增加,而行业增长或跑赢IDC的预测,主要是受惠Chromebook需求强劲加上企业PC需求自下半年起复苏。另外该行亦料受惠未来数年消费者PC中有更多DaaS供应,估计税前利润率将扩张。
在伺服器方面,该行估计公司可受惠全球伺服器势头自次季起加快,而公司的用者自付新服务估计可带?企业伺服器及利润表现,在中国公司积极扩张企业及数据中心业务,估计受惠中美纠纷,公司可自Dell手中抢占市场份额,料相关税前亏损有望收窄。(el/k) ~
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