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國泰君安:穩健的長期IT服務增長,維持偉仕佳傑(856.HK)“買入”評級
格隆匯 03-26 11:37

偉仕佳傑 2019 年股東淨利達到 810 百萬港元,同比上升 9.3%

總收入同比增長 6.0%至66,210 百萬港元,所有分部均錄得正增長。移動終端/配件/雲計算及大數據分析/網絡及信息安全業務分別同比上升 3.3%/ 11.8%/ 3.9%/ 10.1%。毛利率同比持平為 4.5%,經營費用管控良好且銷售和行政管理佔收入比同比下降 0.1 個百分點至 2.6%。公司宣派每股0.167 港元的末期股息,同比上升 10%且派息率維持 30%。

儘管短期波動,但長期增長看好。根據管理層,受到新冠病毒爆發的影響,公司 2020 年 1-2 月收入同比下降約 8%至 91 億港元。然而,我們認為 IT 設備和服務的需求並不會消失

並可能延後至今年剩下時間。此外,雲計算、大數據及 5G 的快速發展會給公司帶來增長機會。

維持投資評級為“買入”但下調目標價至 4.50 港元。新目標價分別相當於 7.3 倍/ 6.4 倍/ 5.6倍。

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