《大行報告》里昂升移卡(09923.HK)目標價至78.2元 評級「跑贏大市」
里昂發表的研究報告指,移卡(09923.HK)去年核心淨利按年增長19.2%,較該行預測低2.9%,而受支付方面拖累收入較預測低12.9%。期內公司策略滲透低端城市,拖累支付總額表現,而補貼亦影響到抽成。該行指出科技服務仍有良好勢頭,主要受惠新的SaaS產品及廣告能力較強,仍看好移卡的長遠增長,將公司目標由68.5元升至78.2元,評級維持「跑贏大市」,不過認為收入遜預期短期或影響股價表現。
該行指出去年公司交易總額跌2.7%至1.46萬億,下半年較上半年升28.5%,主要受惠自疫情復甦。不過,下半年App的支付交易額按年下跌,相信是由於公司期望滲透低端城市的小商戶,雖然商戶數目及單量有所增加,但就拖累交易額表現。另外,向商戶提供補貼亦令費用比率跌至12.5個基點,不過估計在宏觀經濟復甦下有望回復。
里昂認為公司技術商業服務的收入維持強勁增長,並分別貢獻去年收入及毛利的20.2%及35%,期內客戶數目增長127.8%,公司亦有更多的SaaS產品推出助商戶提升營運效率,相信相關分部的收入今年將維持強勁增長。(el/u) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.