《大行报告》大和下调万国数据-SW(09698.HK)目标价至87元 评级「跑赢大市」
大和发表的研究报告指,万国数据(09698.HK)公布首季业绩,该行料公司2021年EBITDA将按年升42%,而公司2021至2022年的产品线料将扩大,有利其长远收入可见性。虽然投资者担心公司短期股价受压,不过该行认为万国数据能力强於同业,在续约时可避免大规模减价,料未来并购交易将成股价催化剂,建议股价自3月份调整约20%後投资者可吸纳。
该行认为产品线扩张对收入的贡献料会在2022至2023年起反映,而今年首季公司月费服务收入按季跌3%主要受冬季能源效益影响,而非因为竞争加剧而降价,相信公司弹性高於同业,可选择有合理回报的项目以维持2021年价格稳定,而受惠其平台性质及多元化用户基础等,料整体月费服务收入2021年仅跌约2%,而收入及EBITDA将分别增39%及42%,并料2022年的经调整EBITDA将按年升38%。
该行将公司2021至2022年收入预测升0.2%至0.9%,EBITDA预测升0.2%至1.1%,以反映产品线扩张的影响,重申「跑赢大市」评级,目标价由97元降至87元。
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