《大行報告》瑞信下調微盟(02013.HK)目標價至27元 評級「跑贏大市」
瑞信發表報告,調整微盟(02013.HK)上半年訂閱解決方案收入至升67%,而全年爲接近70%升幅,以反映強勁的每月每用戶收入(ARPU)增長、付費系統的應用、價格提升,預期今年損失率將跌至2019年水平。
該行指,預期微盟旗下智慧零售收入倍升,但智慧飲食方面增長則見放慢,但下半年有望溫和提升,付費系統解決方案收入料有約50%增長,惟訂單增長放慢。
瑞信表示,預期微盟的監管影響有限,因公司雖有市場領導地位,但距離壟斷仍有距離,以及公司有做好措施去保護客戶資料。該行降微盟2021至23年每股盈利預期0-9%,以反映研發開支增,目標價由30元降至27元,此相當預測2022年市銷率18倍,評級「跑贏大市」。
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