《大行报告》大和首予宝尊电商(09991.HK)「买入」评级 料明年前景理想
大和发表报告,首予宝尊电商(09991.HK)「买入」投资评级,目标价130元,相当於明年预测市盈率30倍。该行称,宝尊电商作为内地品牌电商解决方案龙头,投资者可透过它参与内地消费升级潮,特别是国际品牌及其作为阿里(09988.HK)旗下天猫的增长的替代品,料明年前景理想。
该行称,宝尊电商将於本月底公布今年第三季业绩,料季节性因素及品牌优化举措或压抑季度收入增长,纵使如此,该行料公司末季收入在「双十一」强劲销售下将呈复苏。
而大和料宝尊电商第三季收入按年升19%,估计第四季收入增速料可加快至25%;随着今年底品牌优化出台,明年收入增长料再度加快,料增幅达30%。
大和估计,宝尊电商第三季非国际通用会计准则经营利润率料按年扩大0.9个百分点至6%,主因淡季销售及推广等开支较低。该行估计公司在末季收入增长可加快及提成率按年改善,该行料公司末季非国际通用会计准经营利润率扩至9.6%,源於去年同期基数较低。
该行料宝尊电商2020至2022年国际通用会计准则每股盈利年均复合增长达29.3%。该行料宝尊电商於2020年至2022年每股核心盈利(全面摊薄)盈利各为2.757元、3.686元及4.608元人民币。
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