《大行報告》大摩金山軟件(03888.HK)失去增長勢頭降目標價至15元
大摩發表報告指,金山軟件(03888.HK)次季收入表現符預期,惟即使金山於6月中推出新遊戲《劍網3》,遊戲業務收入亦按季跌5%,大幅低於該行預期14%,並進一步拖低毛利率至38.1%,低於該行預期2.9個百分點,致營運虧損擴闊至1.43億元人民幣,該行原預期可達至收支平衡。
該行相信,金山遊戲業務收入增長不會於第四季前回復,金山旗下軟件WPS有機會分拆上市亦已在估值中反映。該行相信金山已失去增長動力,降2019年至2021年收入預測4%至11%,料今年全年將錄得非通用會計準則下虧損3.19億元人民幣,降2020年及2021年盈測分別47%及33%,目標價自23元下調至15元,評級維持「與大市同步」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.