野村升金蝶国际(0268.HK)评级至“买入”目标价下调至8.7港元
野村发表报告表示,金蝶国际(0268.HK)
上半年盈警,预期云业务收入升50-60%,管理层重申对业务明年会占收入60%。该行指,决定上调对金蝶投资评级,因公司目前正转型至SaaS(软件即服务)业务,由原来“
中性
”升至“
买入
”,但将目标价由10.8港元降至8.7港元,此按现金流折现率作估值,相当于预测明年市盈率
15倍。
该行指,虽然金蝶国际旗下传统ERP业务放慢,影响纯利和经营现金流,而公司目前正转型至SaaS业务,相信可有助公司捉紧在云业务的增长机会,降2019至21年的ERP(企业资源计画)收入预期7-16%,但升云业务收入预期1-2%,同时决定下调对金蝶2019年至2021年纯利预测各15%、19%及23%,分别3.9亿、4.67亿及5.78亿人民币。
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