HP Peel PC cross-examine: Leviathan who can swallow?

Hou Jiyong Beijing reported HP's intention to divest its PC business, triggering tremors in the "Low-margin industry". "The purchase of HP is of no value to us, we have completed the layout in Japan, Europe and China, and global acquisitions are worthless." We are only willing to buy HP America, where there is value.　　"August 22, a well-known domestic PC company executives accept this reporter telephone interview said. Market share the world's first HP initiation to Italy, will undoubtedly change the pattern of the PC industry. In fact, this trend began seven years ago.　　Lenovo acquired IBM's PC division in December 2004, when the industry consensus was that the PC market was changing and the trend was that the global focus would shift from the US to Asia, as the PC industry had become a "wring water from the towel" industry. This evolution lasted seven years.　　Sun Yongjie, an independent IT analyst, said: "The biggest change over the past seven years was not HP replacing Dell as the king of the new PC, but the rise of Apple, the rise of Apple not through the traditional PC salted fish, but through the iphone, the ipad, the two" gadgets. HP's move was rated as a broken wrist: abandoning the PC and leaving the world's first position. According to Hewlett-Packard's latest quarterly earnings: Its PC business in the PSG department revenue of 9.592 billion U.S. dollars, the HP group's total revenue of 31.189 billion U.S. dollars about 31%.　　But the PC business is becoming a sunset business, with its PC revenues falling 3% per cent in the latest quarter, with a profit margin of 5.9%, at the end of the profit margins for HP's business units.　　For HP, the PC business is a heavy anchor, allowing HP to slow down. HP transformation, on the one hand, vigorously develop the printing business, on the other hand to expand the transfer (Software) and service (services) business. HP's latest quarterly earnings show its software and services business margins reached 19.4% and 13.5% respectively.　　In addition to planning to divest its PC business, Hewlett-Packard announced plans to buy 10.2 billion of dollars for the UK's second-largest software maker, autonomy, as a performance of HP's bet on software and services. Sun Yongjie thinks: HP wants to be another IBM.　　HP's drop in PC business disappointed investors, and HP's share price fell 20% per cent in the trading day after the news was announced. Stripped of PC business, HP faces two options, or sold, or stripped alone. The above domestic PC executives think the former is likely.　　But who can swallow a behemoth that has a yearly revenue of more than 40 billion dollars? "The industry's valuation of HP's PC business is between 25 billion ~300 billion dollars," Sun Yongjie said. With operating profit of 2 billion US dollars, p/E is less than 15 times times.　　The current market surplus is about 10 times times, with Lenovo trading at about 21 times times earnings. "For Lenovo, unless HP stripped off its US PC business, other markets have no value, because Lenovo has finished its layout in markets such as Europe, Japan and China," a Lenovo executive said. There have been rumours earlier that the benefitsPU will "sell the PC business to Samsung".　　Looking at HP's PSG division's latest quarterly earnings in the third quarter of the 2009 fiscal year, its profit margins are far higher than any recent quarter, only to the embarrassment of HP, which is far less profitable than Apple. The PC market is slowing, but the PC is still a lucrative business, not just for HP's PC margins, but for the top five of PC makers who have moved to smartphones and tablets as a result of the exit of "class Shanzhai" manufacturers.　　August 18, the world's third-largest Lenovo released its first quarterly results as at June 30, 2011, its revenue reached 5.92 billion U.S. dollars, an increase of 15% per cent, net profit of 108 million U.S. dollars, an increase of 98%. Sun Yongjie said: The post-PC era has no PC story can be said, this is the entire PC industry chain embarrassment, not only HP, including Dell, Lenovo, Acer, all of the PC manufacturers, including Microsoft's operating system manufacturers such as Intel's chip manufacturers.