《大行報告》美銀證券上調聯想集團(00992.HK)目標價至4.45元 評級「中性」
美銀證券發表報告,指聯想集團(00992.HK)正受惠於上半年的個人電腦緊急訂單,但該行將其2020及2021財年盈利分別下調2%及5%,以反映營運成本上升,以及市場對其移動及數據中心業務盈利能力的憂慮。
該行預期移動業務將在3月及6月底止季度錄虧損,主要是因為武漢工廠的產能增長緩慢,而這佔其全球產能的三分之一。另外,由於中國企業的資本開支延後,其數據中心業務的虧損仍會加深。因此,該行料公司的自由現金流將在2020財年首財季至第三財季有所下跌,但仍預期情況會在2021財年第二財季有改善。
該行指,公司的估值目前接近低位。雖然其在2014至2019財年錄得虧損,年度派息仍維持在每股2美仙。重申其「中性」投資評級,目標價由原來的4.1元上調至4.45元。
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