《大行报告》汇丰研究升新意网(01686.HK)目标价至8元 评级「持有」
汇丰研究发表研究报告,指新意网(01686.HK)截至去年底止上半财年业绩稳固,基本纯利按年升21%,受惠数据中心业务收入增17%及财务成本下降,抵销其他业务收入减少的影响。税息折旧及摊销前盈利(EBITDA)按年升17%。受惠数据中心结构性需求,业绩反映公司业务未太受到宏观经济疲弱影响。目标价由5.6元上调至8元,维持「持有」评级。
报告称,维持对本港数据中心业务正面看法,认同管理层预期疫情後数据流量续增,因视像会议、线上学习、游戏及电商需求增加。汇丰研究称,其业务展望稳固,但估值高昂,现价相当於2022财年预测企业价值对EBITDA倍数25倍,已反映短期增长前景。
该行上调新意网未来两财年盈测13%至27%,以反映收入增长加快及财务成本下降预测。值得留意,公司将迎接大额资本开支周期。公司正建设荃湾及将军澳数据中心,料涉近50亿元资本开支,致未来两年出现负现金流及杠杆比率上升。报告称,喜好公司市场定位,经营效率及增长潜力,但需要见到其资本结构改善,包括透过发行新股或可换股债融资。
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