Lenovo Group Ltd. (992), the world’s second-biggest maker of personal computers, fell the most in more than two years in Hong Kong trading after a report said the company lowered its guidance for shipment growth this year.
Lenovo fell as much as 9.4 percent to HK$6.77, the most since Feb. 5, 2010. The stock has gained 32 percent this year, outperforming the 4.9 percent increase in Hong Kong’s benchmark Hang Seng Index.
Lenovo told suppliers that shipment growth this year will be between 13 percent and 15 percent, compared with an earlier guidance of as much as 25 percent, China Times reported without saying where it got the information. Angela Lee, a spokeswoman at Lenovo in Hong Kong, didn’t immediately reply to an e-mail and calls to her mobile phone seeking comment.
“The company may miss out on back-to-school season sales this year” as consumers wait for computers fitted with Microsoft Corp. (MSFT:US)’s planned upgrade of the Windows operating system, said Jean-Louis Lafayeedney, who rates Lenovo neutral at JI Asia in Hong Kong.
Lenovo expects to increase revenue by between 10 percent and 20 percent in the year ending March 2013, helped by demand in emerging markets, Chief Financial Officer Wong Wai Ming said last month. The company will also post improvements in its profit margins, he said at the time.
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