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《大行報告》瑞銀上調匯量科技(01860.HK)目標價至9.5元 評級「買入」
阿思達克 04-09 10:52
瑞銀發表的研究報告指,匯量科技(01860.HK)去年下半年受Mintegral保安問題影響及Nativex業務重組等拖累,期內流動廣告收入跌9.4%,而去年相關毛利率跌至15.8%,主要受累於激勵成本較高。不過該行認為受惠2021/22年利潤改善,估計其收入亦會重拾勢頭,同時Mintegral正自上述事件中復甦,同時平台具領導地位,受蘋果IDFA政策改變影響較細,加上亦正擴張其SaaS工具生態系統,估計有利留客。公司2021/22年市銷率分別較同業低67%及63%,認為市場未有留意Mintegral復甦增長勢頭,而公司的SaaS工具系統價值亦高於現時估值。

管理層指出長遠期望建立SaaS工具生態系統,以應對全球開發商增長,公司在新業務如GameAnalytics及雲產品上已有進展,估計到2031年將貢獻30%毛利,該行認為GameAnalytics業務將快速增長,同時公司已有雲基建,估計長遠雲產品Spotmax將有較大收入貢獻。該行下調公司2021至2023年各年每股盈測分別61%、54%及43%,但考慮高利潤率新業務具重大潛力,對其長遠展望更趨正面,目標價由5.3元升至9.5元,維持「買入」評級。

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