Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Research from Quam Securities, Quam Securities

Quam Securities Research

Equity Bottom-Up

<div><div><div><ul><li>Lenovo (992 HK, NR), which is the #1 PC maker globally, reported flat revenue for 1QFY3/23, which was in line with expectations but earnings beat with 11% y/y growth.</li><li>Intelligent devices group (IDG) revenue, which incl. PC, smartphones and other smart devices, fell 3% y/y as the segment was affected by a poor PC market, but its exposure to the corporate segment helped buffering the impact from weakness in the consumer segment.</li><li><div><div><p>As previously highlighted by other tech companies along different levels of the value chain, demand for servers and related components remained resilient.</p></div></div></li></ul></div></div></div>

Lenovo (992 HK, NR), which is the #1 PC maker globally, reported flat revenue for 1QFY3/23, which was in line with expectations but earnings beat with 11% y/y growth.Intelligent devices group (IDG) revenue, which incl. PC, smartphones and other smart devices, fell 3% y/y as the segment was affected by a poor PC market, but its exposure to the corporate segment helped buffering the impact from weakness in the consumer segment.As previously highlighted by other tech companies along different levels of the value chain, demand for servers and related components remained resilient.

Tactical Trade Idea – Lenovo: Continued to Outperform