《大行報告》麥格理下調金蝶(00268.HK)目標價至9.5元評級「跑贏大市」
麥格理發表研究報告,指內地宏觀經濟放緩直接影響金蝶國際(00268.HK)的客戶群,公司在中小企業企業資源規劃(ERP)市場佔一席位,而在同業之間,經濟放緩對金蝶影響最大。管理層早前曾指出,公司的應收帳收回較過去放慢,這證實了公司在經濟不確定性下所面對的挑戰。因此,該行將公司上半年的傳統ERP軟件業務收入增長預測由原來按年升4%下調至0%。
該行又指,據公司最新指引,2019年度的雲業務收入增速將按年高於50%,符合其早前的指引。其「金蝶雲-蒼穹」PaaS平台已在上半年新簽28個客戶,平均售價為110萬元人民幣,同時其「管易雲電商」亦已在上半年回復正增長。
考慮金蝶短期毛利受壓因素,包括雲業務研發開支、雲業務銷售及推廣開支,以及投資損失,麥格理將其2019上半年、2019全年及2020年純利預測分別下調51%、47%及41%,並將其目標價由原來的11.4元下調至9.5元。維持金蝶「跑贏大市」投資評級。
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