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《大行报告》大和升港视(01137.HK)评级至「买入」 目标价维持14元
阿思达克 04-07 10:19
大和发表报告指,香港电视(01137.HK)股价自公布去年业绩後已跌16%,主要因为经营利润表现及指引差过预期,不过该行认为市场反应属过度,认为公司作为增长型企业公司,指利润不应是焦点,另外市场亦忽略了解决方案Shoalter未来将成公司重要增长引擎,加上行政总裁王维在股份奖励计划上目标进取,相信长远对公司股东及股价利好。

该行称,将评级由「跑赢大市」升至「买入」,维持目标价14元,此相当於预测2022年市盈率40倍。

大和指香港电视今年首季商品交易额(GMV)按年仅升10%,许多投资者亦质疑公司今年能否达到GMV增长11-18%的目标,不过该行相信其指引仍非常现实,而未来增长亦有多项催化剂,包括是一小时快递服务及直播渠道等,虽然Shoalter海外扩张能否成功仍存在较大的不确定性,不过相信其本地解决方案业绩成功率高,而新的线上商场亦可享受到来自HKTVmall的流量,相信将带动香港整体电商渗透率,而今年GMV增长指引11-18%,尚未反映Shoalter业务带来的影响。

港视管理屠亦指出新的直播渠道表现成功,有助带动消费及增加广告收入,相信其7,000万元广告收入指引已算保守,而相关收入亦有较高利润。而在股份奖励计划方面,该行认为对投资者有正面作用,因为可减少人事风险,相信奖励计划门槛非常进取,长远利好股价表现,维持目标价14元。(el/w) ~

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