《大行報告》匯豐研究升新意網(01686.HK)目標價至8元 評級「持有」
匯豐研究發表研究報告,指新意網(01686.HK)截至去年底止上半財年業績穩固,基本純利按年升21%,受惠數據中心業務收入增17%及財務成本下降,抵銷其他業務收入減少的影響。稅息折舊及攤銷前盈利(EBITDA)按年升17%。受惠數據中心結構性需求,業績反映公司業務未太受到宏觀經濟疲弱影響。目標價由5.6元上調至8元,維持「持有」評級。
報告稱,維持對本港數據中心業務正面看法,認同管理層預期疫情後數據流量續增,因視像會議、線上學習、遊戲及電商需求增加。匯豐研究稱,其業務展望穩固,但估值高昂,現價相當於2022財年預測企業價值對EBITDA倍數25倍,已反映短期增長前景。
該行上調新意網未來兩財年盈測13%至27%,以反映收入增長加快及財務成本下降預測。值得留意,公司將迎接大額資本開支周期。公司正建設荃灣及將軍澳數據中心,料涉近50億元資本開支,致未來兩年出現負現金流及槓桿比率上升。報告稱,喜好公司市場定位,經營效率及增長潛力,但需要見到其資本結構改善,包括透過發行新股或可換股債融資。
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