《大行報告》大摩升金山軟件(03888.HK)目標價至28元 評級「與大市同步」
大摩發表的研究報告指,金山軟件(03888.HK)持股52%的金山辦工自從去年11月在科創板上市後股價升逾350%,而勢頭亦受惠新型冠狀病毒疫情對在家工作及企業通訊的需求,該行將公司目標價由18元大幅上調至28元,並調整了對折讓的估算以反映金山辦工在中國的增長前景及領導地位。該行估計金山辦工的稅後盈利貢獻將由2016年的11%增至2021年的63%,維持金山軟件「與大市同步」評級,主要預測2019-2024年其收入及自由現金流的年複合增長可分別達31%及59%,主要受惠金山辦工市場領導地位及獲廣泛採用,而現時金山辦工的估值較大部分內地同業存在溢價,故認為相關的上行空間已大致反映。(el/u) ~
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