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《大行报告》麦格理上调金蝶国际(00268.HK)目标价至27.5元 评级「跑赢大市」
阿思达克 07-29 09:42
麦格理发表报告表示,就金蝶国际(00268.HK)发盈警,预料今年上半年收入录5至10%跌幅,并录亏损2亿至3亿元人民币。该行指金蝶在2020年度终止K/3及KIS软件业务,专注於SaaS产品。根据该行的估算,这将导致盈利按年下跌约1.7亿元。

该行预期金蝶国际在上半年的研发开支录49%按年增长,导致云业务的经营溢利录1.3亿元人民币的跌幅。据公司管理层所述,公司在上半年增加500名人手。

至於疫情对金蝶收入增长的影响则体现在三方面,包括因为项目交付停顿,而令传统EAS业务将录20%跌幅;中小企业的SaaS产品因为经济环境欠佳而受到打击;以及增加现有客户的附加销售。

麦格理称,将金蝶国际2020上半年、2020年及2021年经调整每股盈利预测分别下调472%、108%及63%,以反映受到疫情的影响及「COSMIC」的研发开支高於预期。将其目标价由原来的14.6元上调至27.5元,重申「跑赢大市」投资评级。

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