Zhi Tong Cai Jing·2025-10-21 08:18Core Viewpoint - UBS reports that Lenovo Group (00992) is expected to announce its financial results for the quarter ending September next month, with healthy sales anticipated and low double-digit year-on-year growth projected for both sales and devices [1] Group 1: Financial Performance - The Infrastructure Solutions Group (ISG) is expected to see a year-on-year growth of approximately 20% to 23% [1] - The Services Solutions Group (SSG) is projected to achieve high teens growth [1] - The personal computer segment is anticipated to record low single-digit growth, outperforming the market, with an operating profit margin expected to be between 7% and 7.5% [1] Group 2: Earnings Estimates - UBS maintains its earnings estimate for the next quarter at $440 million, slightly up from the previous expectation of $435 million [1] - Adjusted net profit forecast has been raised to between $150 million and $200 million due to impacts from warrants accounted at market value [1] Group 3: Valuation and Target Price - UBS extends its valuation basis to the fiscal year 2027 while maintaining earnings per share estimates for fiscal years 2026 and 2027 [1] - The price-to-earnings ratio is projected to remain at 11 times, with the target price for Lenovo Group raised from HKD 11 to HKD 12 [1]