Citigroup raised its target price for Legend Holdings (03396.HK) to HKD17 from
HKD16 after upgrading earnings for Lenovo Group (00992.HK) and following
Lenovo’s recent $2bn zero-coupon convertible bond issuance. Citigroup said
Legend still trades at about a 78% discount to its estimated per-share NAV and
maintained a buy rating. It trimmed Legend’s FY2026 profit forecast by 3%,
raised FY2027–28 forecasts by 32–36%, and lifted its NAV estimate for the end of
next year by 7%.
