HK Stock Market Move | LEGENDHOLDING (03396) has risen by more 5% again this month, with the stock price increasing by over 40% overall. Citibank has raised the company's target price.

LEGENDHOLDING (03396) rises by more than 5%, with stock price gaining over 40% this month. As of the time of writing, it rose by 5.36% to 13.96 Hong Kong dollars, with a trading volume of 1.88 billion Hong Kong dollars. On the news front, Citigroup released a research report stating that LEGENDHOLDING is the parent company of LENOVO GROUP. Due to Citigroup's upward revision of the target price for LENOVO GROUP, reflecting market share expansion under key component shortages and production capacity constraints, increased average selling prices of personal computers (PC) and GPU servers and rising demand, continued improvement in operational leverage and product portfolio expansion after acquiring Infinidat, and LENOVO GROUP's latest quarterly performance beating expectations, Citigroup has updated its model. Citigroup believes that LEGENDHOLDING is a potentially cheaper way to gain exposure to the same Lenovo business. After reflecting the latest market value of LEGENDHOLDING's listed subsidiaries, Citigroup has raised its target price from 10.6 Hong Kong dollars to 16 Hong Kong dollars based on a 72% target NAV discount (still 1 standard deviation lower than historical average), maintaining a "buy" rating.