Citi has issued a research report, adjusting its price target for Legend Holdings (03396) from HK$16 to HK$17. This revision follows the bank's recent increase in profit forecasts for Lenovo Group (00992) and Lenovo Group's recent completion of a US$2 billion zero-coupon convertible bond issuance.
The report notes that Legend Holdings' current share price still represents a significant discount of approximately 78% to the bank's estimated net asset value (NAV) per share. Consequently, Citi has reaffirmed its "Buy" rating on the stock.