CLSA Maintains Positive Outlook on Lenovo with 36 HKD Price Target

Deep News07-26

CLSA has issued a research report reiterating its "Outperform" rating for LENOVO GROUP (00992), maintaining the target price at 36 Hong Kong dollars. The firm identifies the company as a top pick within the Chinese technology sector.

Super Micro Computer Inc (SMCI.US) reported preliminary fourth-quarter operating data, showing a gross margin of 15% to 17%, which exceeded previous guidance. This improvement was primarily driven by optimized customer and product mix. CLSA believes that Super Micro's margin expansion reflects strong demand-driven dynamics, with continued tight supply of key AI components such as GPUs, CPUs, and memory. Server manufacturers with secured component access can enhance pricing power and optimize their product mix, a trend that is expected to support Lenovo Group in expanding its server business profit margins.

The research house forecasts that Lenovo will achieve a strong breakthrough in server business margins and revenue in the first quarter of fiscal year 2027. Server business margins are expected to expand from 3.6% in the quarter ending March to 5.2% in the quarter ending June, with further improvements anticipated. The robust AI server business is driving Lenovo's earnings and operational performance to the next stage, and CLSA believes there is room for upward revision in market earnings forecasts, as well as potential for revaluation.

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The firm identifies the company as a top pick within the Chinese technology sector.<br><br></p>\n<p>Super Micro Computer Inc (<b>SMCI.US</b>) reported preliminary fourth-quarter operating data, showing a gross margin of 15% to 17%, which exceeded previous guidance. This improvement was primarily driven by optimized customer and product mix. <b>CLSA</b> believes that Super Micro's margin expansion reflects strong demand-driven dynamics, with continued tight supply of key AI components such as GPUs, CPUs, and memory. Server manufacturers with secured component access can enhance pricing power and optimize their product mix, a trend that is expected to support <b>Lenovo Group</b> in expanding its server business profit margins.<br><br></p>\n<p>The research house forecasts that <b>Lenovo</b> will achieve a strong breakthrough in server business margins and revenue in the first quarter of fiscal year 2027. 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