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Lenovo

Lenovo develops, manufactures and markets technology products and services for consumers & enterprises. The company produces PCs, workstations, servers, storage, smart TVs & a family of mobile products including smartphones, tablets & apps. Lenovo's business segments include PC & Smart Device Business Group (PCSD), Data Center Business Group (DCG), Mobile Business Group (MBG) & Lenovo Capital & Incubator Group (LCIG). LCIG, started a year ago and focuses on building AI, Internet of Things, Big Data and VR/AR capabilities. Lenovo's core business is in PCSD, generating 70% of the company's 1QFY19 revenue. In the PCSD business, the Group will continue to prioritize profitability and drive premium-to-market revenue growth in its core PC business. Lenovo will also actively seek industry consolidation opportunities to drive growth. In November 2016, Lenovo agreed to acquire a 51%-stake in Fujitsu's PC subsidiary for JPY 25.5 bn. (17 Oct 2018)

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Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

Chinese Industrials: Currency Risk

Strategy Analysis: 26 Oct 2018, 3:02 AM ET - Almost all of the Chinese industrials we follow suffered FX losses in 1H18. We look at the breakdown of their debt, revenues, costs and cash by currency, as well as their existing hedging policies and currency sensitivity analysis. 

Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Asia Corporate Recommendations: September 2018

Asia Corporate Recommendations: 03 Sep 2018, 3:50 AM ET - We initiate on Modernland 2021 with M/P, and Fufeng 2021 with O/P. We upgraded Agile and longer-dated Evergrande bonds to M/P, and Baidu 2019 to O/P. We downgraded COG 2020, Gajah 2022 and Modernland bonds to M/P, and Jababeka 2023 to U/P.

Asia Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.
Focused

Asia Corporate Recommendations: July 2018

Asia Corporate Recommendations: 02 Jul 2018, 6:01 AM ET - Escalating US-China trade tensions and refinancing concerns for Chinese issuers amid stricter credit controls continue to weigh on investor risk appetite. We downgraded our recommendations on Alam, Jababeka, Agile and Yanlord recently.

Asia Corporate Recommendations: June 2018

Asia Corporate Recommendations: 01 Jun 2018, 4:20 AM ET - "Sell in May and go away" proved wise yet again. We maintain a defensive stance towards Asian high yield, despite the recent sell-off. 

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

Asian Credit: New Issue Order Books Look Decent

Worth Watching: 11 Apr 2018, 2:26 AM ET - Asian Credit . We collated and compared the order books to the issue sizes of recently priced Asian $ bonds. From the data we collated, order book sizes still look decent, despite word on the street that demand for new issuance has softened. Howev ..

Asian New Issuance 1Q18: Supply Taper

Strategy Analysis: 06 Apr 2018, 5:37 AM ET - Short-dated high grade issuance is likely to remain the preferred choice for investors. 
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Asia Corporate Recommendations: April 2018

Asia Corporate Recommendations: 03 Apr 2018, 5:49 AM ET - We initiate on the new Baidu 2023 and 2028 with Underperform recommendations, on the new Lenovo 2023 with a Market perform recommendation and on Agile 6.875% perpetual with an Outperform recommendation. 
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Asia Weekly: Back in the Red Again

Asia Weekly: 23 Mar 2018, 12:50 AM ET - Asian $-bond spreads widened across the credit spectrum for the second week in a row: badly, this week. The US Fed raised rates by 25 bp on Wednesday as expected and reiterated its plan to hike two more times in 2018.
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Lenovo: Minimum T+195 bp Spread for New 2023

Worth Watching: 21 Mar 2018, 4:50 AM ET - Lenovo Group Limited (Lenovo, unrated) set a minimum new issue spread of T+195 bp for its new 5-year bond. Comparing the spread to the existing Lenovo 19s and 22s, we think that the pricing looks fair but we could see a small new issue concession ..

Semiconductors: M&A and the Regulatory Landscape

Sector Analysis: 20 Mar 2018, 10:32 PM ET - We take a look at the state of the semiconductor industry in terms of market concentration and potential impediments to further M&A from a regulatory perspective.

Asia Weekly: Supply Falls Ahead of FY17 Results

Asia Weekly: 16 Mar 2018, 1:17 AM ET - Long-duration bonds in IG benefited the most from the stabilizing US treasury yields, but IG bonds from India underperformed this week. The strength in the Asia ex-Japan new $-bond supply weakened after 2 strong weeks of issuance.

Tech: EU Plans Tax on Digital Company Revenues

Sector Analysis: 14 Mar 2018, 10:35 PM ET - The EU states are currently negotiating a 2-6% tax on the “aggregated gross revenues” of large digital companies.
Focused

Lenovo: Proposed New $-Bonds to Fund Tender Offer

Worth Watching: 14 Mar 2018, 6:13 AM ET - Lenovo Group Limited (Lenovo, unrated) proposed to issue 5 and 10-year Reg S $-bonds to fund a tender offer of its existing $1.5 bn Lenovo 4.7% 2019 (T+129 bp, mid-YTW: 3.54%) and $500 mn Lenovo 3.875% 2022 (T+169 bp, mid-YTW: 4.30%). The tender p ..

Asia Corporate Recommendations: March 2018

Asia Corporate Recommendations: 01 Mar 2018, 5:39 AM ET - We raised our recommendations on Jababeka 2023 and Yingde 2020 to Outperform and raised Baidu's short-dated bonds to Market perform. We also assigned an Outperform recommendation to Agile's new perp. 

Asia Corporate Recommendations: January 2018

Asia Corporate Recommendations: 01 Feb 2018, 3:37 AM ET - We raised our recommendations on Hongqiao 2018 and Beijing Capital Land 8.375% perp to Market perform, and lowered our recommendation on Indika 2023 to Market perform. We also lowered our recommendation on MIE 2018 to Market perform. 

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