《大行報告》野村升金蝶國際(00268.HK)評級至「買入」目標價下調至8.7元
野村發表報告表示,金蝶國際(00268.HK)上半年盈警,預期雲業務收入升50-60%,管理層重申對業務明年會佔收入60%。該行指,決定而上調對金蝶投資評級,因公司目前正轉型至SaaS(軟件即服務)業務,由原來「中性」升至「買入」,但將目標價由10.8元降至8.7元,此按現金流折現率作估值,相當於預測明年市盈率15倍。
該行指,雖然金蝶國際旗下傳統ERP業務放慢,影響純利和經營現金流,而公司目前正轉型至SaaS業務,相信可有助公司捉緊在雲業務的增長機會,降2019至21年的ERP(企業資源計畫)收入預期7-16%,但升雲業務收入預期1-2%,同時決定下調對金蝶2019年至2021年純利預測各15%、19%及23%,分別3.9億、4.67億及5.78億人民幣。
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