《大行報告》里昂下調金蝶(00268.HK)目標價至33.6元 評級「買入」
里昂發表的研究報告指,金蝶國際(00268.HK)發盈警,意味去年下半年雲服務收入增長僅41.5-50.1%,儘管行業反彈但表現仍差過預期。公司料去年淨虧損2.5-3.5億元人民幣,金額亦多於該行早前預測,主要因為研發開支及匯兌虧損。該行將公司目標價由34.9港元降至33.6港元,重申評級「買入」,預期受盈警影響,股價短期受壓,不過公司在內地ERP SaaS市場具領導地位,而雲收入質素亦有機會改善。
該行指出公司虧損進一步擴闊,主要因為研發開支增加,另外由於公司配股籌約23億港元,故亦因人民幣升值出現了匯兌虧損。不過,該行認為在雲轉型的初期,技術及市場比盈利能力更重要,將公司2020-21年雲收入預測降8.8%、5.4%及4.9%,以反映盈警的因素。
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