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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Lenovo Group Limited    992   HK0992009065

LENOVO GROUP LIMITED

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Lenovo profit beats expectations, helped by remote working trend

11/03/2020 | 03:10am EST

HONG KONG, Nov 3 (Reuters) - China's Lenovo Group, the world's biggest PC maker, posted a better-than-expected quarterly profit on Tuesday and said it is continuing to benefit from "new normal" remote working after COVID-19.

The Chinese giant said it set new records for group revenue, pre-tax income and net income, and all three key business groups delivered year-on-year growth for the first time in six quarters.

"Last quarter was what I would call a perfect quarter for Lenovo," Chairman Yang Yuanqing told Reuters in a post-results interview.

"I hope the current quarter could be even better." he said.

Lenovo reported a 53% jump in net profit for the quarter ended September to $310 million, beating average analyst estimate of $224 million, according to Refinitiv data.

Revenue increased 7% to $14.5 billion.

With the pandemic forcing companies worldwide to seek work-from-home options and people preferring to stay indoors, the company expects to benefit from increased sales of PCs and tablets.

"Our gaming PCs and our thin-and-light PCs actually grow margin faster than other products," said Yang.

According to research firm Gartner, worldwide shipments of personal computers rose 3.6% in the July-September quarter, due to home entertainment and distance learning needs, along with the strongest growth the U.S. PC market has seen in 10 years.

Yang predicted a further 5% to 10% industry-wide increase of total addressable market for PCs next year.

Lenovo strengthened its lead in PCs with 25.7% of the market, ahead of HP Inc and Dell Technologies which had 21.6% and 15.2% share, respectively.

Yang said a component supply shortage, particularly for display and integrated circuit, is keeping the company from meeting 100% customer demand.

"The issue is not demand, it's supply. If we can fill enough supply, we can sell more products," he said. (Reporting by Pei Li; Editing by Muralikumar Anantharaman and Krishna Chandra Eluri)


© Reuters 2020
Stocks mentioned in the article
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GOLDEN EAGLE RETAIL GROUP LIMITED -0.14% 7 End-of-day quote.-0.57%
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LENOVO GROUP LIMITED 4.32% 9.18 End-of-day quote.25.41%
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Financials (USD)
Sales 2021 54 920 M - -
Net income 2021 915 M - -
Net Debt 2021 541 M - -
P/E ratio 2021 121x
Yield 2021 0,40%
Capitalization 111 B 14 258 M -
EV / Sales 2021 2,02x
EV / Sales 2022 1,93x
Nbr of Employees 63 000
Free-Float 58,3%
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Technical analysis trends LENOVO GROUP LIMITED
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 18
Average target price 1,06 $
Last Close Price 9,18 $
Spread / Highest target -80,3%
Spread / Average Target -88,4%
Spread / Lowest Target -93,1%
EPS Revisions
Managers and Directors
NameTitle
Yuan Qing Yang Chairman & Chief Executive Officer
Gianfranco Lanci President & Chief Operating Officer
Wai Ming Wong Chief Financial Officer & Executive Vice President
Arthur Hu Chief Information Officer & Senior Vice President
Yong Rui Chief Technology Officer & Senior Vice President
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