业绩总结 - 联想集团的目标价从16港元上调至35港元，意味着46%的上涨空间[1] - 自5月以来，联想的股价上涨超过100%，而恒生指数同期下跌10%[1] - FY27F和FY28F的盈利预测上调约12%，预计FY27F每股收益为0.23美元[1] - FY27F的收入预计为102,267百万美元，FY28F为106,946百万美元[4] - FY27F的正常化净利润预计为2,718百万美元，FY28F为3,101百万美元[4] - 公司预计FY24的EBITDA为3,419百万美元，FY28F将增长至5,892百万美元，年均增长率约为14%[11] - 自由现金流在FY24为1,736百万美元，预计FY28F将达到2,955百万美元，增长约70%[11] - FY28F的每股收益（EPS）预计为0.26美元，较FY27F的0.23美元增长13%[16] 用户数据 - 联想的服务器业务预计将保持3%以上的运营利润率[2] - AI服务器市场首次显著增长，推动了联想的整体服务器业务[2] 财务状况 - 公司的总资产在FY24为38,751百万美元，预计到FY28F将增至52,570百万美元，增长约36%[11] - 公司的流动比率在FY24为0.87，预计到FY28F将提升至1.00，显示出流动性改善[11] - 公司的净债务在FY24为60百万美元，预计到FY26F将转为净现金状态[11] - 公司的股东权益在FY24为6,081百万美元，预计到FY28F将增至10,328百万美元，增长约70%[11] 市场展望 - 联想的估值历史上比戴尔低30%-60%，但有望缩小这一差距[3] - 如果联想的市盈率维持在戴尔的30%以下，预计其市盈率将扩展至10-20倍[3] - 主要风险包括PC需求恶化、IC和组件供应不足以及中美之间的地缘政治紧张局势[32] 新产品与技术研发 - 联想在2010年以来减少了92%的排放，远超其40%的减排目标，显示出良好的ESG表现[14]

Upper 0.15 0.25 0.5 0.75 1 1 0.75 0.5 0.25 0.15 | <12m expiry | | | Volume of PUTS (USD mn) | | | | | Volume of CALLS (USD mn) | | | | Total volume | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Delta | 0-0.15 | 0.15-0.25 | 0.25-0.5 | 0.5-0.75 | 0.75-1 | 0.75-1 | 0.5-0.75 | 0.25-0.5 | 0.15-0.25 | 0-0.15 | Put | Call | | | | USD/CNY | 593 | 403 | 765 | 113 | 361 | 455 | 839 | 516 | 0 | 0 | 2,235 | 1,810 | 24h | 25 June 2026 | | | 2,520 | 2,757 | 2,534 | 86 ...

Gamuda GAMU.KL GAM MK EQUITY: ENGINEERING & CONSTRUCTION Management lowered FY26E sales guidance to MYR 4bn due to delays in the Hanoi launch, which will now be pushed into FY27E following permit timing issues (note: this was already guided in 2Q26 results). Management now expects a sharp rebound in property sales to MYR 7bn in FY27E, with approximately 75% of launches coming from Singapore and Vietnam. Key projects include the long-awaited Hanoi development launching in October, a MYR 1bn of joint venture ...

CG Power & Industrial Solutions CGPO.NS CGPOWER IN EQUITY: CAPITAL GOODS Led by data-centre (DC) expansion, electrification, renewable energy, and replacement of aging assets, US power (PT)/generation step-up (GSU) transformer demand grew 116%/274% over CY19-25, according to Wood Mackenzie (WM), creating supply deficits ( Fig. 2 ). PT/GSU deficit reached 39%/100% in CY25, pushing transformer lead times to 128-144 weeks, vs 12-16 weeks pre-pandemic. As per USITC, US PT imports has surged 4x since CY21 to USD ...

Kao 4452.T 4452 JP / EQUITY: JAPAN TOILETRIES & COSMETICS Speeding up business with AI Quick Note Company holds briefing featuring CEO as speaker Kao hosted a briefing on 25 June featuring Representative Director, President and CEO Yoshihiro Hasebe as speaker. President Hasebe opened with a presentation of the effects of using data and AI and the strength of the supply chain. Many of the questions in the Q&A session had to do with these topics. Sales have been strong at the company, with, for instance, its ...

Japan: Growth strategy and longer-term fiscal projections Economics - Japan Question marks over whether high growth can be realized Establishment of "strong and prosperous Japan" investment framework, mainly to be handled in initial budget Growth strategy assumes public–private investment of over ¥370trn through FY40, with particular focus on AI and semiconductors At a meeting of the Council on Economic and Fiscal Policy and the Japan Growth Strategy Council on 24 June, the government presented estimates fo ...

Japan economic perspective EQUITY: JAPAN STRATEGY Details emerge on the creation of a framework for investments in "a strong and prosperous Japan" No clarity yet on funding for bridging bond redemptions; uncertainty over the country's fiscal picture may persist Prime Minister Sanae Takaichi said something rather interesting in her remarks at the end of the meeting. Specifically, she mentioned that the development of the framework for public-private investment was the result of members of government ministri ...

Nomura Tech Monthly: June 2026 EQUITY: JAPAN ELECTRONICS Sector view Strengthening FDE capabilities to spur uptake of physical AI Lead times lengthening even for analog products owing to rising demand from data centers Advances in AI models continue to outpace system deployment, but even so major IT companies and private equity funds have been strengthening their forward deployed engineering (FDE) capabilities to spur uptake of AI agents. Japanese IT majors are targeting profit growth of over 15% on a CAGR ...

汇率预测 - USD/CNY的模型预测为6.8023，比之前的6.8209低186个基点，较前一个官方现货收盘价高出28个基点[1] - 考虑反周期因素后的模型预测为6.8089，较之前的固定汇率低120个基点[1] 未来展望 - 预计2026年7月的政治局会议将为经济工作提供重要线索[9] - 2026年10月1日至7日为中国国庆黄金周假期[9] - 2026年11月，中国将在深圳主办第31届亚太经济合作组织领导人会议[9] - 2026年12月中旬将召开中央经济工作会议，讨论经济政策[9] 研究与合规 - 报告中提到的主要分析师包括Craig Chan、Wee Choon Teo、Vicky Chen和Manthan Shingala[2] - 报告强调，分析师的观点准确反映了他们对相关证券或发行人的个人看法[11] - 报告中提到的研究和冲突利益披露可在Nomura网站上查阅[12] - 投资者在做出投资决策时应将本报告视为单一因素，报告并未识别或建议所有可能的风险[28] - 报告中的数据可能基于过去的表现或模拟，不能可靠地预测未来表现[29] 固定收益研究 - 固定收益研究的推荐分为战术性（通常持续三个月）和战略性（通常持续6-12个月）[30] 合规分发 - 报告中提到的证券可能未根据《1933年美国证券法》注册，可能无法在美国或美国人士中出售[31] - 本报告在英国的分发已获得NIplc的批准，适用于“合格对手方”或“专业客户”[32] - 本报告在欧洲经济区的分发已获得Nomura Financial Products Europe GmbH的批准[33] - 本报告在香港的分发已获得NIHK的批准，仅适用于“专业投资者”[34] - 本报告在新加坡的分发由NSL进行，适用于“合格、专家或机构投资者”[36] - 本报告的内容不应被复制或引用，除非获得Nomura Group的书面授权[39] - Nomura Group通过合规政策和程序管理研究生产中的冲突[42]