《大行報告》大摩:市場對快手(01024.HK)毛利及競爭憂慮令股價短期受壓
摩根士丹利發表研報指,快手(01024.HK)目標今年投資超過10億美元,用於擴張海外業務,與字節跳動旗下Tiktok等同業作競爭。
大摩估計,快手在加大力度擴張下,今年月活躍用戶或可達到2.5億人以上,但由於投資龐大,且市場競爭激烈將需要作長期投資,預期市場將會較擔心其毛利受壓,令其股價短期受壓。
該行指,Tiktok過去花費約3至4年時間將月活躍用戶提升至10億人,預期快手將要約4年時間,而其變現能力料於今年第四季至明年體現,預期市場會關注快手的虧損會否進一步擴大,給予「增持」評級,目標價300元。
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