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《大行報告》麥格理上調金山軟件(03888.HK)目標價至55.1元 評級「跑贏大市」
阿思達克 11-19 11:35
麥格理發表研究報告,指金山軟件(03888.HK)第三季手機和辦公室業務收入分別增長19%及59%,較預期少21%及高8%,經營溢利升10.2個百分點25.9%,但仍低於預期11.5個百分點。該行調升集團2020年每股盈利預期2%,降2021-22年每股盈利預期分別37%及31%,目標價由55.1元降至51.5元,評級維持「跑贏大市」。

該行指,雖然旗下WPS軟件月活躍用戶增長放慢,但看到訂閱戶及軟件許可銷售變現能力強,軟件銷售方面,來自政府和國企客戶應收賬由第三季的3.71億元人民幣,增至4.5億元人民幣。預期辦公室業務收入將繼續維持快速增長。

該行又指,手機業務方面,雖然《劍網3》表現強勁,帶動今年收入增長高於2017年的高位,但另一遊戲《臥龍吟》則需延至明年下半年,故削手機遊戲收入預期。

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