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%.