《大行报告》瑞银上调汇量科技(01860.HK)目标价至9.5元 评级「买入」
瑞银发表的研究报告指,汇量科技(01860.HK)去年下半年受Mintegral保安问题影响及Nativex业务重组等拖累,期内流动广告收入跌9.4%,而去年相关毛利率跌至15.8%,主要受累於激励成本较高。不过该行认为受惠2021/22年利润改善,估计其收入亦会重拾势头,同时Mintegral正自上述事件中复苏,同时平台具领导地位,受苹果IDFA政策改变影响较细,加上亦正扩张其SaaS工具生态系统,估计有利留客。公司2021/22年市销率分别较同业低67%及63%,认为市场未有留意Mintegral复苏增长势头,而公司的SaaS工具系统价值亦高於现时估值。
管理层指出长远期望建立SaaS工具生态系统,以应对全球开发商增长,公司在新业务如GameAnalytics及云产品上已有进展,估计到2031年将贡献30%毛利,该行认为GameAnalytics业务将快速增长,同时公司已有云基建,估计长远云产品Spotmax将有较大收入贡献。该行下调公司2021至2023年各年每股盈测分别61%、54%及43%,但考虑高利润率新业务具重大潜力,对其长远展望更趋正面,目标价由5.3元升至9.5元,维持「买入」评级。
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