瑞信:智慧零售成為微盟(02013.HK)增長驅動力 升目標價至13.4港元
瑞信近日發佈針對微盟集團(02013.HK)研報,預計業務數字化需求將推動微盟的SaaS收入和精準營銷毛收入的穩步增長,通過拓展新的KA商户,智慧零售將成為SaaS增長最快的驅動力。將微盟新目標價調整至13.4港元。
瑞信表示,微盟集團將成為各細分市場的數字需求加速增長的受益者,微盟可能會實現上半年SaaS穩定增長,預計2020年上半年SaaS增長將由低流失率的付費商户的快速增長驅動。通過拓展新的KA商户,智慧零售將成為SaaS增長最快的驅動力。
精準營銷方面,效果驅動的數字廣告需求強勁,而微盟在KA廣告客户中的份額不斷增加,預計微盟集團精準營銷上半年的毛收入增長率將超過上一財年指導值,達到45億元人民幣。
疫情推遲了線下銷售,對餐飲和酒店等服務行業造成了不利影響。然而,它也在加速商業數字化需求,特別是中小型企業和零售企業的數字化需求,從而導致結構性增長。瑞信認為SaaS數據破壞帶來的影響是一次性的,不會對商户增長/流失率產生長期影響。新增加的品牌商家如可口可樂、水星家紡、珀萊雅等都證明了微盟對KA商家需求的滿足。
瑞信將微盟集團2020-22E調整後每股收益提高9%/7%/12%,以考慮到更快的收入增長/更好的運營槓桿,上升微盟集團目標價為13.4港元,維持跑贏大盤評級。
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