Lenovo’s 4Q Results Slightly Beat on the Back of Margin Expansion; Raising FVE to HKD 8 per Share
No-moat Lenovo’s fiscal 2019 fourth-quarter results (ended in March) were better than our expectations, with revenue and net profit up 10% and 260% year on year, respectively. Strong revenue growth was driven by solid PC and smart device business, and the resumption of growth in the mobile business. The gross margin, up 1.7 percentage points year on year to 16.2%, was better than we projected, bolstered by a better product mix and favorable key component prices. We are raising our fair value est...Lenovo Group is an investment holding company. Through its subsidiaries, Co. is engaged in: manufacturing and distribution of IT products and provision of IT services; manufacturing of computers and peripheral equipment; provision of business planning, management, global supply chain, finance, and administration support services; R&D of mobile software; and distribution of IT products as well as mobile phone, smart phone and tablet, server and storage. Co. also provides a full complement of ENERGY STAR® qualified notebooks, desktops, workstations, monitors, and servers. As of Mar. 31, 2015, Co. oeprated four geographical segments, China, Asia Pacific, Europe-Middle East-Africa and Americas.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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