Goldman Sachs issued a report on January 2nd, stating that it has raised the target price of Lenovo Group (00992.HK) by 4.6% from HKD 12.7 to HKD 13.28 and maintained a buy rating. The company's current valuation is attractive, and its net profit margin is expected to gradually recover to 2.7-2.8% in the fiscal year 2027-2028, similar to the level in the fiscal year 2022-2023. Goldman Sachs has lowered its net profit forecast for the fiscal years 2025-2027 by 16%, 13%, and 6% respectively, and introduced a forecast for the fiscal year 2028. Goldman Sachs expects Lenovo's revenue to increase by 18% YoY in 2025, with a gross profit margin of 16.6%, which is sustainable and significantly benefits from the AI PC, AI server, and supportive product cycles. Lenovo's current market price is trading at a price-to-earnings ratio of 10 times in 2025, which is lower than the industry average of 12.8 times and its historical average of 11.3 times, indicating that the current valuation is relatively attractive.
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Goldman Sachs raises Lenovo Group's target price by 5% and maintains a buy rating
Goldman Sachs issued a report on January 2nd, stating that it has raised the target price of Lenovo Group (00992.HK) by 4.6% from HKD 12.7 to HKD 13.28 and maintained a buy rating. The company's current valuation is attractive, and its net profit margin is expected to gradually recover to 2.7-2.8% in the fiscal year 2027-2028, similar to the level in the fiscal year 2022-2023. Goldman Sachs has lowered its net profit forecast for the fiscal years 2025-2027 by 16%, 13%, and 6% respectively, and introduced a forecast for the fiscal year 2028. Goldman Sachs expects Lenovo's revenue to increase by 18% YoY in 2025, with a gross profit margin of 16.6%, which is sustainable and significantly benefits from the AI PC, AI server, and supportive product cycles. Lenovo's current market price is trading at a price-to-earnings ratio of 10 times in 2025, which is lower than the industry average of 12.8 times and its historical average of 11.3 times, indicating that the current valuation is relatively attractive.