CLSA Reiterates Lenovo Group as Top China Tech Pick, Maintains Outperform Rating

Stock News16:23

CLSA released a research report reaffirming Lenovo Group (00992) as its top China tech stock pick, maintaining an "Outperform" rating with a target price of HK$48.7.

Akamai Technologies (AKAM.US) recently announced a seven-year partnership agreement with AI company Anthropic, and also disclosed a supply agreement with Lenovo Group. Under this arrangement, Lenovo Group will provide hardware, software, and related services to Akamai. The master agreement spans three years, while the first Statement of Work (SoW) covers seven years — matching the duration of the Akamai-Anthropic collaboration. This reflects that Lenovo Group's ISG business is securing long-term cooperation opportunities with various new AI clients.

Akamai did not disclose the financial value of its agreement with Lenovo Group, while the Akamai-Anthropic partnership is valued at US$11.6 billion, with potential total value reaching approximately US$20 billion. Akamai expects to invest around US$5.5 billion in capital expenditure to fulfill the contract.

The report noted that procurement by Lenovo Group and Jabil comes from this budget. The seven-year SoW is expected to provide revenue visibility, and Lenovo Group is believed to directly benefit from Akamai's AI development, supported by Anthropic's commitments and related capital expenditure.

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