招銀國際:雷蛇(1337.HK)即將實現盈虧平衡
招銀國際1月10日發佈研報稱,在不包括智能手機業務的情況下,雷蛇去年下半年大概率實現盈虧平衡。在高性能手遊外設、全球電子競技繁榮和高利潤軟件服務板塊的推動下,雷蛇將在今年全年延續增長軌跡。
其中,強大的雲遊戲和產品推出會進一步驅動公司收入增長。由於新產品的推出(例如Junglecat移動控制器,Hammerhead True Wireless耳塞),以及在未來幾年內公司與騰訊、微軟等巨頭在雲遊戲市場上的更緊密合作,該行預計公司硬件業務收入增速將回歸到15%。
此外,雷蛇將進一步擴張數字銀行及支付業務,今年大概率獲得新加坡的銀行牌照,該行預計公司系統和服務業務將在今年保持30%以上的高增長。
因此2020財年,全公司整體收入增長將達到20%以上。更高利潤率的新產品與不斷增長的每股收益將成為公司估值提升的催化劑,該行預計雷蛇目前P/S估值為 1.8x/1.5x FY19/20E,而對標公司羅技的P/S估值水平為3.0x/2.8x FY19/20E。

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.