亚洲信贷综述：电力金融、联想、印度机场

Investment Ratings - Power Finance has a Neutral recommendation on the 3.95% 2030 bonds [1] - Lenovo has a Neutral issuer rating, but is Overweight on LENOVO '32s [8] Core Insights - Power Finance reported strong profitability with a decline in the non-performing loan (NPL) ratio to 1.94%, down from 2.68% [2] - Lenovo's revenue growth accelerated across all segments, with Intelligent Device Group, Infrastructure Solutions Group, and Solutions and Services Group revenues increasing by 13%, 63%, and 18% year-on-year respectively [3] - GMR Airports reported robust preliminary earnings for Q4FY25, with Delhi Airport's passenger traffic increasing by 7.5% year-on-year and revenues surging by 24.1% [9][10] Power Finance Summary - Full-year net income rose by 23.7% year-on-year to INR 193.4 billion, driven by a nearly 40% increase in net interest income and a 151.6% rise in net fee and commission income [2] - The asset quality improved, with the NPL ratio hitting multi-year lows [2] - The total capital ratio decreased to 22.08%, while the debt/equity ratio increased to 6.15x [2] Lenovo Summary - Operating profit growth moderated to 3% year-on-year in CY1Q25, down from 12% in CY4Q24, primarily due to a 21% increase in R&D expenses [3] - Operating cash flow turned negative at -US$1 billion in Q1 [3] - Lenovo is exposed to geopolitical risks, particularly from tariffs and semiconductor restrictions [8] India Airports Summary - Delhi Airport's revenues increased by 24.1% year-on-year to INR 16.4 billion in Q4FY25, with total passenger traffic reaching 20.6 million [9][10] - Hyderabad Airport reported a 21.1% year-on-year increase in passenger traffic, with revenues up by 6.9% year-on-year [9][10] - Both airports have seen recent rating upgrades due to improving financial performance [10]