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瑞銀:升有才天下獵聘(6100.HK)評級至“買入” 目標價上調至24港元
格隆匯 02-14 11:17
瑞銀髮表的研究報告指,將有才天下獵聘(6100.HK) 評級由“ 中性 ”升至“ 買入 ”,目標價由22港元升至24港元,認為公司服務組合增加而銷售效率亦有提升,對其增長前景看法轉向正面,而公司早前亦發盈喜,料2019年經調整經營溢利將按年增91.4%至111.4%,而該行早前估算僅為增58.7%,反映公司面對宏觀經濟壓力仍具韌性。
而管理層亦指出於農歷年前招聘需求及商業氣氛維持穩健,相信今年招聘預算將正常化。雖然今年首季受新型冠狀病毒爆發影響招聘有所減慢,但瑞銀認為影響短暫,該行的團隊估計GDP將於第二季復甦,而公司的客户主要為科技、媒體、電訊行業以及金融企業,故受疫情影響較微,相對同業較具防守性。公司去年增加了服務,包括是提供背景調查、考檢、培訓及校園招募等,相關服務深受歡迎亦帶動了盈利表現,料新服務今年規模將繼續擴張。而公司於投資“ 問卷星 ”相信亦有助產品創新及變現等,另外公司亦重組了其銷售團隊以提升銷售效率、獲客及留客等,相信亦可支持其經營利潤率擴張。
該行將公司2019及2020年獵頭業務收入預測分別升2.1%及2.5%,以反映產品獲採納及商業客ARPU增長等因素,並將2019及2020年經營利潤率預測分別升236及76個基點,主要受惠利潤改善及銷售效率提升。

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