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瑞银:微盟集团(02013.HK)融资获超额认购 维持买入评级 目标价24.3港元
格隆汇 05-28 17:05

瑞银近日发布研报,指出微盟集团(02013.HK)总计6亿美元的融资计划获得市场认可,配售与可转债分别收到超8倍和5倍认购,证明市场对微盟长期发展和在SaaS领域扩大领先优势的能力的信心。瑞银维持微盟的“买入”评级,目标价为24.3港元。

2021年5月25日,微盟宣布发行2026年到期3亿美元零票息有担保可转债,转股价21港元;以及增发1.56亿股新股,每股配售价格15港元。增发的新股与可转债全数转换后的新股分别占发行后总股本4.6%和6.4%。所得款项用途将用于提升公司研发综合实力,升级精准营销系统,为潜在的战略投资并购筹集资金,补充运营资金及一般公司用途。

瑞银认为,战略投资与并购是推动微盟集团的大客化、生态化、国际化战略的关键一环。2020年雅座和海鼎的并购就是很好的验证,对微盟在餐饮和零售领域强劲的增长以及有效的大客化转型做出重大贡献。瑞银预计微盟集团管理层将持续着眼于各垂直细分领域的头部公司的并购机会,进一步丰富产品能力,扩大生态系统。鉴于中国企业的快速数字化转型,这些投资将是抓住更多发展机会的必要条件,并从长期来看能加强微盟在SaaS行业的领先地位。

微盟集团21年Q1业绩略超预期,订阅解决方案和商家解决方案收入同比增速分别是100%和50%。瑞银预计2021年微盟集团SaaS和商家解决方案收入分别增长68%和50%。包括TSO业务和PaaS生态的更多创新业务将带动内生收入的长期增长。

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