Lenovo Group (992 HK): Takeaways from the Lenovo Future Center tour in...

During the tour, Lenovo showcased the latest and greatest innovations from its IDG business, including new form factors such as the rollable and transparent display laptops. The company provided further demos on its Lenovo AI Now and smart connect features, which could be key differentiators, and provided more insights on their supply chain management especially in light of tariff uncertainties. Maintain BUY and keep target price at HK$12.70.

Greater China Daily: Wednesday, September 3, 2025

KEY HIGHLIGHTS Sector Internet We expect the emergence of AI agents and AI applications to continue fuelling the surge in AI inference demand, driving the acceleration of hyperscaler revenue growth, and we forecast revenue growth reaccelerating in 2H25-2026. The sustained dominance of super-apps in commerce, coupled with the swift rise of cost-efficient AI models, creates a strong catalyst for adoption and future global expansion. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT...

Regional Morning Meeting Notes: Wednesday, September 3, 2025

GREATER CHINA Sector Internet: AI: Accelerating AI+cloud hyperscaler growth; AI agent reshaping industries. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT the AI segment. Update Lenovo Group (992 HK/BUY/HK$10.95/Target: HK$12.70): Takeaways from the Lenovo Future Center tour in Shenzhen. Maintain BUY. INDONESIA Strategy Alpha Picks: Underperformance In August: Our new Alpha Picks are ASSA, ARCI, BBCA, BBNI, BRMS, MTEL, HRUM and NCKL. MALAYSIA Strategy 2Q25 Results Wrap-up: A S...

Asia Monthly – August 2025 In Review - Lucror Analytics

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on de...

CoreWeave profitability; DeepSeek’s ASIC try; Semicap; PC pull-forward...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 9 names we followed last week, follow the link below.

Lucror Analytics - Convertibles Brief

In today's Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo

Lenovo Group (992 HK): 1QFY26: Accelerated IDG/SSG growth bolstered by...

Lenovo’s 1QFY26 results were solid, with revenue and non-HKFRS net profit growing 22% yoy, although the strong results were already anticipated. The commercial PC replacement cycle will sustain for the next few quarters which should bolster its IDG and SSG businesses, but the increased operating loss at the ISG business could lead to near-term share price pressure due to a mismatch in expectations. Maintain BUY, raise target price to HK$12.70.

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Samvardhana Motherson, Vista Land & Lifescapes, Vedanta Resources, Lenovo, ReNew Energy

Greater China Daily: Friday, August 15, 2025

KEY HIGHLIGHTS Sector Automobile China’s PEV yoy sales growth turned negative (at -0.5%) during the week. BYD and Li Auto posted a yoy sales decline. We expect EV sales to recover from September with the launch of new models and interest subsidies for auto loans. Lithium carbonate prices rebounded to >Rmb80,000/tonne due to better supply discipline. We upgrade Ganfeng Lithium from HOLD to BUY thanks to lithium price recovery. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu. Results ...

Regional Morning Meeting Notes: Friday, August 15, 2025

GREATER CHINA Sector Automobile Weekly: Yoy growth of China’s PEV sales turns negative; lithium price recovers. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results Geely Auto (175 HK/BUY/HK$18.95/Target: HK$42.00) 2Q25: Core earnings surge 93% yoy, in line; raise target price to HK$42.00. Maintain BUY. Hysan Development (14 HK/BUY/HK$15.67/Target: HK$17.84) ...

Asia Monthly – July 2025 In Review - Lucror Analytics

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in July 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on deve...

Asia Monthly – June 2025 In Review - Lucror Analytics

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in June 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on deve...

Lenovo - ESG Report - Lucror Analytics

Bible 1Q25 – PCs: Refresh still elusive; CPU expectations growing slig...

Today, we are publishing the PC section of our 27th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming days we will publish a section on Enterprise IT, followed by the full Bible. PC pull-ins noted across major OEMs, outlook uncertain for rest of the year. The Windows 10 & AI PC refresh cycle remai...

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Lenovo Group Limited and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 3 June 2025 in which we reassessed the appropriateness of the ratings in the context o...

Asia Monthly – May 2025 In Review - Lucror Analytics

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in May 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on devel...

Lenovo - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Lenovo’s Q4/24-25 performance was weak in our view, while the full-year results were acceptable. The company recorded solid revenue growth and higher profitability across segments. The PC segment has benefited from: [1] the upcoming cessation of Windows 10 support and interest in on-device AI; [2] a rush to ship PCs early in Q1/25 to avoid potential new US tariffs. Profitability was affected by one-off financial charges. Despite the strong revenue growth and profitability, cash flows weakened an...

Lenovo Group (992 HK): 4QFY25 results: Core business is solid, but bot...

Lenovo’s 4QFY25 reported net profit missed our and consensus estimates at US$90m due to a US$118m loss on the ALAT warrant’s fair value change. Stripping this out, its earnings should have been much closer to our estimate of US$202m. Core business recovery remains intact as we expect June Q to register sustained growth on top/bottom line, and the capacity relocation to Vietnam seems to be progressing faster than expected as well. Maintain BUY. Target price: HK$12.10.

Regional Morning Meeting Notes: Friday, May 23, 2025

GREATER CHINA Sector Automobile Weekly: PEV sales dip slightly wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and XPeng. Results Lenovo Group (992 HK/BUY/HK$9.57/Target: HK$12.10) 4QFY25: Core business is solid, but bottom line impacted by non-core items. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$56.90/Target: HK$85.60) Expect unchanged 10% order volume growth for 2025;...

Greater China Daily: Friday, May 23, 2025

KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 14% yoy but dipped 1.0% mom and 14% wow in the 20th week of 2025, with PEV market share rising to a ytd high of 56.3%. Geely Galaxy’s sales dipped 4.0% wow, but its sales will be driven by the launch of new models such as the Starshine 8 and the flagship SUV M9. XPeng posted upbeat 1Q25 results and aims to turn profitable by 4Q25, driven by a strong product cycle and tech upgrades. Maintain MARKET WEIGHT. Top BUYs: BYD, G...