The report is a forecast for the global notebook shipment market, which is expected to decline by -15% YoY in 2022, lower than the market expectation of around -10% YoY. The report also expects 2Q22 NB shipments to decline 12% QoQ, followed by a mild rebound of +8% QoQ in 3Q22. The report notes that the bear-case scenario suggests further downside risk for consumer PC names, and that inventory levels in channels are currently above the normal level of 8-12 weeks. The report recommends cutting estimates and TPs for all companies and reiterating a Buy on Lenovo (992 HK) but downgrading Acer (2353 TT) from Hold to Reduce.
