Transferring Coverage of No-Moat Lenovo; Trimming Fair Value Estimate to HKD 5.60 per Share
Following a transfer of coverage, we are maintaining our no-moat and negative trend ratings for Lenovo, but trimming our fair value estimate by 20% to HKD 5.60 per share, reflecting our bearish forecast for its mobile business. Lenovo aims to boost mobile revenue by shifting its focus from low-end to higher-end models and expanding sales channels to some online and offline platforms. However, we don’t expect the mobile business to turn profitable in the foreseeable future. As the firm is a manuf...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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