Lenovo Group's 2011 Q1 revenue to grow 15 pct on quarter, BOC Int'l
Thursday, July 29, 2021 3:05 AM

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BEIJING, Jul. 29, 2010 (Xinhua News Agency) -- China's biggest PC maker, the Lenovo (OOTC:LNVGY) Group (00992.HK; LNVGY.PK), is expected to see its revenue increase 15 percent quarter on quarter in the first quarter of FY 2011, according to prediction made by BOC International (China).

BOC International also predicts Lenovo Group's net profit will reach 62.6 million US dollars in the first quarter of FY2011, and its PC sales will grow over 30 percent year on year during this period.

BOC International's rosy view on Lenovo Group's performance is mainly based on that the company will enjoy considerable subsidy from China Unicom (OOTC:CHUFF) from selling LePhone.

In China, LePhone is positioned as a substitute for iPhone with lower price.

Apple Inc.'s slow development in building distribution channels in China will provide Lenovo Group an excellent opportunity to expand its smart phone market, Liu Chuanzhi, board chairman of the Lenovo Group, said earlier.

BOC International gives a "hold" rating on Lenovo Group, and increased target price of its shares to 5.1 Hong Kong dollars from 4.3 Hong Kong dollars.

The Lenovo Group turned into profit from loss in the FY2010 ended at March 31, with sales increasing 11.43 percent year on year and net profit hitting 129.4 million US dollars, according to statistics released by the company in May.

The group's PC shipment surged 47.3 percent year on year in the second quarter, and its world market share rose to 10.2 percent from 8.5 percent, according to statistics released by market survey institution IDC. (Edited by Hou Yujie, houyj@xinhua.org)

 

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