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美银美林首予微盟集团(2013.HK)“买入”评级目标价4.6港元
格隆汇 08-07 11:44

美银美林发表报告指,微盟集团(02013.HK)作为SaaS(软件即服务)电商解决方案的龙头供应商,同时在腾讯(00700.HK)平台上提供营销服务,相信微盟可捕捉到中国内地高达3,200万个中小企业对数码化需求的巨大市场。

该行预期,微盟之SaaS收益於2018至2021年的年复合增长率达30%,主因是其产品组合增加及有新价格模式,并预期目标行销急剧扩张,会带动盈利能力上升。该行相信,微盟会有更大的估值扩张空间,现价相当於2020年预测企业价值对销售比率2.9倍,及2018至2021年之收入年复合增长率预测达40%,相对於本地SaaS/软件同业的5.5倍、年复合增长率22%预测,以及国际同业之8.3倍及25%。因此该行首予微盟“买入”评级,目标价4.6港元。

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