HK : Lenovo Group - Stable PC sales to lead FY22F EPS growth

4QFY21 net profit of US$260m beat our/Bloomberg consensus forecasts by 25% due to better-than-expected PC PTI margin of 6.7%. Expect 5% PC shipment growth in FY22F, driven by commercial segment. Reiterate Add. Target price raised to HK$12.0, based on 15x CY22F P/E.

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