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大和:首予萬國數據(9698.HK)買入評級 目標價102港元
格隆匯 11-05 13:35

大和發表報告認為,萬國數據(9698.HK)高於同業的訂單可預見性將推動收入增長,並料可長遠受惠於雲基礎設施投資增加,因此首予其買入評級,目標價為102港元。

大和指,自2011至16年獲得阿里雲和騰訊雲作為戰略客户後,公司持續增強為大型企業提供專業服務的能力;由於公司持續加強與下游Laas供應商的聯繫將帶動公司於2020至25年的訂單和收入能見度高於同業。此外,未來3年網路數據中心急增將成重要的催化劑,料可提高公司利用率和加快訂單轉換成收入增長。該行預期,萬國數據將通過擴大其市場份額來繼續增強其在多個市場業務,預期22年收入按年增長33%,較市場預期高3個百分點。

大和又認為,雖然萬國數據目前增值服務(VAS)貢獻的收入有限,但相信VAS將成增長點,長期將可成公司另一個收入增長引擎。

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