《大行報告》野村上調聯想集團(00992.HK)目標價至10元 評級「買入」
野村發表研究報告指,維持對聯想集團(00992.HK)「買入」評級,目標價由8.2元升至10元,認為公司股價自今年3月底以來已調整32%,同期恆指僅跌8%,認為是基於PC需求及公司A股上市時間表存在不確定性。不過該行認為現時股價存在利好,一方面企業PC需求穩健,而伺服器業務盈利能力有望轉正,其A股上市計劃亦在正軌上,故將其目標價提升,意味有36%的上行空間,估計公司今年第二季將有強勁表現,而第三季展望亦強勁。
該行指出公司於企業PC市場覆蓋面較廣,佔整體出貨量逾五成,令公司在消費者、教育PC需求轉弱方面所受影響較少,認為公司2022財年PC出貨量按年增長持平。而在流動及數據中心業務方面,透過不同業務策略盈利能力或有改善,認為公司在A股上市後,未來有機會出售流動業務,而在數據中心業務方面,則料公司將受惠企業伺服器業務復甦及產品組合改善。來自微軟的業務機遇增加,料其經營利潤率潛在有改善。
雖然市場憂慮聯想創辦人與滴滴的關係,不過該行認為其A股上市仍在正軌,或在未來數月有機會發生,並估算其科創板價值應約每股30港元,相當於H股股價每股10港元。(el/s) ~
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