《大行报告》瑞银降心动公司(02400.HK)目标价至85元 股价回调後风险回报吸引
瑞银发表研究报告指,即使心动公司(02400.HK)面对短期毛利率压力,仍对其专注研发以推动未来增长的策略维持正面看法。活跃游戏开发投资致去年下半年毛利率恶化,该行料心动公司今年研发开支增长按年大幅放缓。报告料新自家开发游戏将助力获取用户及盈利增长,同时管理层持续对TapTap生态圈的投入将改善用户粘性。瑞银并料公司未来将迎来许多估值重评催化剂,包括新自家游戏推出、TapTap月活动用户及使用时间增长快过预期等。
瑞银称,心动公司股价自2月中旬累跌约50%後,风险回报吸引,料已大致反映短期盈利压力。该行下调公司今年收入及纯利预测分别17%及69%,反映新游戏潜在押後致游戏增长放缓;毛利率下滑及研发开支上升。不过,该行料公司明後两年纯利分别升218%及75%,料新自家开发游戏及TapTap用户粘性改善将自2022年起改善公司经营及财务表现。以现金流折现率计,瑞银将心动公司目标价由114元降至85元,维持「买入」评级。
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