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高盛:升金山軟件(3888.HK)目標價至21.5港元 料雲業務穩固
格隆匯 11-05 10:56

高盛發表報告表示,料金山軟件(03888.HK)旗下雲服務業務持續穩固,重申“買入”投資評級,對其目標價由18.8港元上調至21.5港元,較上週五(11月1日)收市價有14%潛在升幅,按綜合方式作估值(網遊業務按2021年市盈率12倍、雲業務按市銷率3倍、辦公室軟件業務按21倍市盈率作估值),對其估值由2020年延伸至2021年。

該行估計,金山軟件第三季雲業務收入按年升64%,料今年全年增長75%;料公司旗辦公室軟件業務今年第三季及今年收入各升50%及38%,因用户增長強勁;至於網遊業務方面,高盛料金山軟件第三季收入按季持平,料今年全年按年下滑11%,主要因《劍俠情緣3》等貢獻較弱。

高盛輕微上調金山2019年及2020年收入預測各1%,至77.35億及108.65億人民幣。

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