瑞銀:微盟集團(02013.HK)融資獲超額認購 維持買入評級 目標價24.3港元
瑞銀近日發佈研報,指出微盟集團(02013.HK)總計6億美元的融資計劃獲得市場認可,配售與可轉債分別收到超8倍和5倍認購,證明市場對微盟長期發展和在SaaS領域擴大領先優勢的能力的信心。瑞銀維持微盟的“買入”評級,目標價為24.3港元。
2021年5月25日,微盟宣佈發行2026年到期3億美元零票息有擔保可轉債,轉股價21港元;以及增發1.56億股新股,每股配售價格15港元。增發的新股與可轉債全數轉換後的新股分別佔發行後總股本4.6%和6.4%。所得款項用途將用於提升公司研發綜合實力,升級精準營銷系統,為潛在的戰略投資併購籌集資金,補充運營資金及一般公司用途。
瑞銀認為,戰略投資與併購是推動微盟集團的大客化、生態化、國際化戰略的關鍵一環。2020年雅座和海鼎的併購就是很好的驗證,對微盟在餐飲和零售領域強勁的增長以及有效的大客化轉型做出重大貢獻。瑞銀預計微盟集團管理層將持續着眼於各垂直細分領域的頭部公司的併購機會,進一步豐富產品能力,擴大生態系統。鑑於中國企業的快速數字化轉型,這些投資將是抓住更多發展機會的必要條件,並從長期來看能加強微盟在SaaS行業的領先地位。
微盟集團21年Q1業績略超預期,訂閲解決方案和商家解決方案收入同比增速分別是100%和50%。瑞銀預計2021年微盟集團SaaS和商家解決方案收入分別增長68%和50%。包括TSO業務和PaaS生態的更多創新業務將帶動內生收入的長期增長。
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