《大行報告》大和下調萬國數據-SW(09698.HK)目標價至87元 評級「跑贏大市」
大和發表的研究報告指,萬國數據(09698.HK)公布首季業績,該行料公司2021年EBITDA將按年升42%,而公司2021至2022年的產品線料將擴大,有利其長遠收入可見性。雖然投資者擔心公司短期股價受壓,不過該行認為萬國數據能力強於同業,在續約時可避免大規模減價,料未來併購交易將成股價催化劑,建議股價自3月份調整約20%後投資者可吸納。
該行認為產品線擴張對收入的貢獻料會在2022至2023年起反映,而今年首季公司月費服務收入按季跌3%主要受冬季能源效益影響,而非因為競爭加劇而降價,相信公司彈性高於同業,可選擇有合理回報的項目以維持2021年價格穩定,而受惠其平台性質及多元化用戶基礎等,料整體月費服務收入2021年僅跌約2%,而收入及EBITDA將分別增39%及42%,並料2022年的經調整EBITDA將按年升38%。
該行將公司2021至2022年收入預測升0.2%至0.9%,EBITDA預測升0.2%至1.1%,以反映產品線擴張的影響,重申「跑贏大市」評級,目標價由97元降至87元。
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