Investment conclusion: As pre-warned on January 9,Lenovo posted losses for FY3Q (CY4Q08), but results were still weaker than our and market estimates due mainly to larger GM contraction. Thus, we lower our PT to HK$1.3 from HK$1.4 and cut our FY09/10 EPS forecasts to -HK$0.11/HK$0.11 from –HK$0.01/HK$0.12.