Lenovo’s Profitability Deteriorated in 1Q Due to Rising Component Costs; FVE Cut to HKD 5 per Share
We are lowering our fair value estimate for no-moat Lenovo to HKD 5.00 per share from HKD 6.00 following the release of fiscal first-quarter (ended in June) 2018 results that largely missed our forecasts. Although revenue for the period, down 0.4% year on year, was in line with our expectation, the company reported an unexpected loss of $72 million, against a $173 million profit a year earlier, owing to deteriorating profitability in its PC and data center businesses. We lower our average operat...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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