《大行報告》瑞信下調金山軟件(03888.HK)評級至「中性」短期缺乏催化劑
瑞信發表報告表示,下調金山軟件(03888.HK)投資評級,由原來「跑贏大市」降至「中性」,維持目標價15.6元,此按綜合方式作估值,指公司長遠增長前景仍佳,但短期缺乏股價催化劑。
該行指,市場原對金軟旗下《劍網3指尖江湖》手遊存有較高預期,因過往電腦版取得成功。該手遊版自6月推出以來,瑞信料該遊戲表現僅符合預期,並認為公司在推出《劍網3指尖江湖》後,將缺乏新的股價催化劑。
瑞信估計金軟第二季收入按年升48%至19.9億元人民幣,主要受雲業務趨勢及娛樂服務業務所推動,料公司第二季業績可錄得盈利,料純利逾1.3億元人民幣,源於毛利較高的娛樂服務業務貢獻擴大、及雲業務虧損收窄。
該行下調金軟今明兩年每股盈測分別48.1%及39.3%,至分別38分及71分人民幣。
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