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《大行报告》大摩金山软件(03888.HK)失去增长势头降目标价至15元
阿思达克 08-21 10:02

大摩发表报告指,金山软件(03888.HK)次季收入表现符预期,惟即使金山於6月中推出新游戏《剑网3》,游戏业务收入亦按季跌5%,大幅低於该行预期14%,并进一步拖低毛利率至38.1%,低於该行预期2.9个百分点,致营运亏损扩阔至1.43亿元人民币,该行原预期可达至收支平衡。

该行相信,金山游戏业务收入增长不会於第四季前回复,金山旗下软件WPS有机会分拆上市亦已在估值中反映。该行相信金山已失去增长动力,降2019年至2021年收入预测4%至11%,料今年全年将录得非通用会计准则下亏损3.19亿元人民币,降2020年及2021年盈测分别47%及33%,目标价自23元下调至15元,评级维持「与大市同步」。

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