《大行报告》瑞信降中国有赞(08083.HK)评级至「中性」 目标价下调至1.9元
瑞信发表研究报告,降中国有赞(08083.HK)评级由「跑赢大市」下调至「中性」,以反映其於快手(01024.HK)平台中的市占流失,因快手正持续加快其电商生态圈增长、推广「快手小店」等,料带来结构性逆风,降有赞2021至2023年每股盈测分别30%、28%及2%,以反映收入增长及毛利预测下调。为反映有赞科技主板上市可见度改善,调整估值基础,以有赞科技明年预测市销率17倍计,及计及中国有赞股权结构,目标价由3.9元降至1.9元。
该行称,有赞首季表现逊预期,其中商品交易总额(GMV)和付款商户增长放缓,主因来自快手平台的贡献减少。有赞管理层维持今年GMV按年增长50%预期,但瑞信料达标有压力。
瑞信又指出,相信公司长远增长动力仍存,包括店铺SaaS业务扩张,支持长远每用户平均收入(ARPU)增长;新商户订户组合改善带动平均合同金额(ACV)增长,同时新产品亦有望成长远动力。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.