Macquarie Reaffirms Outperform Rating on Lenovo, Raises Target Price to HK$12.93

Stock News02-16

Macquarie released a research report stating that Lenovo Group (00992) aims to increase its market share by 2026 through innovation and a premium product portfolio, driving revenue growth in its device business. The restructuring plan for the Infrastructure Solutions Group (ISG) is designed to adjust the product mix and staffing to capture rapidly growing inference demand. The firm maintained an "Outperform" rating on Lenovo and raised its target price by 5% to HK$12.93, citing confidence in the positive progress of the ISG business returning to profitability. For the third quarter of fiscal year 2026 (ending December), performance exceeded expectations, with revenue increasing 18% year-over-year, 5% higher than Macquarie's forecast and market consensus. The firm predicts that revenue and operating profit for the March quarter will grow 13.8% and 27.6% year-over-year, respectively. The strongest growth is expected from ISG, benefiting from its $15.5 billion AI server pipeline and increased demand for hybrid cloud and on-premises inference. Macquarie believes Lenovo has secured sufficient memory supply and plans to adjust prices dynamically in response to component cost fluctuations. The firm revised its non-HKFRS net profit forecasts for Lenovo for fiscal years 2026 to 2028, raising them by 4.3% and 5.4% for 2026 and 2027, respectively, while lowering the 2028 forecast by 3.1%, primarily due to adjustments in operating margin expectations.

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The restructuring plan for the Infrastructure Solutions Group (ISG) is designed to adjust the product mix and staffing to capture rapidly growing inference demand. The firm maintained an \"Outperform\" rating on Lenovo and raised its target price by 5% to HK$12.93, citing confidence in the positive progress of the ISG business returning to profitability. For the third quarter of fiscal year 2026 (ending December), performance exceeded expectations, with revenue increasing 18% year-over-year, 5% higher than Macquarie's forecast and market consensus. The firm predicts that revenue and operating profit for the March quarter will grow 13.8% and 27.6% year-over-year, respectively. The strongest growth is expected from ISG, benefiting from its $15.5 billion AI server pipeline and increased demand for hybrid cloud and on-premises inference. Macquarie believes Lenovo has secured sufficient memory supply and plans to adjust prices dynamically in response to component cost fluctuations. The firm revised its non-HKFRS net profit forecasts for Lenovo for fiscal years 2026 to 2028, raising them by 4.3% and 5.4% for 2026 and 2027, respectively, while lowering the 2028 forecast by 3.1%, primarily due to adjustments in operating margin expectations.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1116501723","isCrawlerRequest":true}