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野村:升金山軟件(3888.HK)目標價至16.5港元 維持“減持”評級
格隆匯 11-07 11:28

野村發表研究報告指,從金山軟件(03888.HK)分拆的北京金山辦公軟件(WPS)將於11月18日在上海科創板上市,計劃發行1.01億股,每股定價45.86元人民幣(下同),其估值高於大部分海外軟件公司,但相較於同業金蝶國際(00268.HK)及用友軟件則存有折讓。由於其估值與中國的同業仍有差距,因此預期WPS在上市後估值仍有上行空間,但對金山軟件的股價影響或有限。

該行又指,金山軟件將會於11月13日公佈第三季業績,預期其業績表現疲弱,料收入按年增長32%至20億元人民幣,經營利潤率為負9.7%,而市場同樣預期其業績表現欠佳,因為其遊戲業務前景仍未明朗。

野村將公司2019及2020財年的收入預測分別上調1%,相信雲端業務收入增速會略為加快,並大致維持其營業利潤率的預測。該行重申其“減持”投資評級,但將其目標價由原來的13.8港元上調至16.5港元,主要是因為WPS的估值高於預期。

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