中信證券:首次覆蓋偉仕佳傑(0856.HK),給予“買入”評級,目標價10.86港元
格隆匯12月31日丨中信證券今日發佈偉仕佳傑(0856.HK)價值投資分析報吿指出,公司是亞太地區領先的IT分銷和服務商,加速雲計算和數字化轉型業務佈局。近期,公司收購雲管服務資產RightClound,並與之深度融合,公司整體價值有望得到提升。另一方面,公司深耕分銷業務基本盤,從傳統分銷商向以云為核心增長點的IT綜合服務商轉型,競爭力進一步提升。
中信證券認為:
IT分銷的進入壁壘極高,是實現IT產業鏈健康運轉的必要環節,偉仕佳傑有強大的管理能力、物流通路、現金流、客户資源積累,尤其作為龍頭廠商,規模效益與渠道價值凸顯。
雲時代,公司積極佈局數字化轉型及雲計算業務,從傳統IT分銷商向IT綜合服務商轉型,公司的業務持續優化,定位不斷升級,同時近期收入MSP廠商佳傑雲星,藉助分銷平台實現雲服務轉型有望進一步提升公司盈利能力與市場價值。
在雲計算時代,公司定位科技服務公司,與各大公有云廠商分工明確,合作互補,公司與阿里雲、華為雲、VMware等廠商深度合作;另一方面,雲管理服務行業的增速明顯高於雲計算行業,受益於自身的渠道能力以及行業高景氣發展,公司有望迎來發展良機,價值有望得到提升並被重估。
中信證券採用分部估值法,給予分銷業務目標市值132.8億港元,雲計算業務目標市值25億港元,整體對應目標價10.86港元。首次覆蓋,給予“買入”評級。
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