《大行報告》花旗下調金蝶國際(00268.HK)評級至「中性」削目標價至8元
花旗發表報告表示,下調金蝶國際(00268.HK)投資評級,由原來「買入」降至「中性」,將目標價由11.8元降至8元,此按綜合方式作估值。金蝶剛發盈警,預計上半年公司權益持有人應佔盈利按年下降約30%至40%,至介乎1.02億至1.19億元人民幣,因執行加速雲轉型的戰略,加大了金蝶雲蒼穹業務的戰略性投入。
該行指,基於金蝶國際發上半年盈警,料會對短期股價構成壓力,估計公司上半年表現較該行及市場原預期低逾40%。基於金蝶對雲業務投資毛利承壓,決定下調對公司於2019年至2021年各年每股盈測分別23%、17.3%及11.1%,分別至0.12、0.166及0.219元人民幣。
花旗指,金蝶國際旗下ERP(企業資源計劃)雲業務雖具領導地位,但基於公司發上半年盈警,料投資者恢復信心仍需時間。
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