Action | CITI'S TAKE We update Lenovo model ahead of FY1Q27 results (mid-August) to reflect: (1) a US$1.7bn non-recurring warrants valuation loss in FY1Q27, which depresses our FY27 GAAP net profit to US$822m (vs. prior US$2,518m) but leaves our non-GAAP earnings forecasts essentially unchanged; (2) latest softer-than-expected CY2Q26 PC shipment data, trimming our FY27E revenue estimate for Lenovo modestly by 1%; (3) higher ISG profitability assumptions, consistent with industry trends and peers' latest per ...