《大行報告》大和升港視(01137.HK)評級至「買入」 目標價維持14元
大和發表報告指,香港電視(01137.HK)股價自公布去年業績後已跌16%,主要因為經營利潤表現及指引差過預期,不過該行認為市場反應屬過度,認為公司作為增長型企業公司,指利潤不應是焦點,另外市場亦忽略了解決方案Shoalter未來將成公司重要增長引擎,加上行政總裁王維在股份獎勵計劃上目標進取,相信長遠對公司股東及股價利好。
該行稱,將評級由「跑贏大市」升至「買入」,維持目標價14元,此相當於預測2022年市盈率40倍。
大和指香港電視今年首季商品交易額(GMV)按年僅升10%,許多投資者亦質疑公司今年能否達到GMV增長11-18%的目標,不過該行相信其指引仍非常現實,而未來增長亦有多項催化劑,包括是一小時快遞服務及直播渠道等,雖然Shoalter海外擴張能否成功仍存在較大的不確定性,不過相信其本地解決方案業績成功率高,而新的線上商場亦可享受到來自HKTVmall的流量,相信將帶動香港整體電商滲透率,而今年GMV增長指引11-18%,尚未反映Shoalter業務帶來的影響。
港視管理屠亦指出新的直播渠道表現成功,有助帶動消費及增加廣告收入,相信其7,000萬元廣告收入指引已算保守,而相關收入亦有較高利潤。而在股份獎勵計劃方面,該行認為對投資者有正面作用,因為可減少人事風險,相信獎勵計劃門檻非常進取,長遠利好股價表現,維持目標價14元。(el/w) ~
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