《大行報告》美銀證券下調微盟(02013.HK)目標價至23元 評級「買入」
美銀證券發表報告指,微盟集團(02013.HK)昨日股價跌8.5%,主要因爲隨着電商平臺不再提供客戶敏感訊息,包括是下單用戶名、電話號碼及地址等,市場憂慮其DTC業務模式的發展。該行認爲將令商戶更難接觸客戶,並將客戶加入私人的流量庫中,不過相信影響有限,因爲微盟的商戶會有其他方式吸納客戶加入其私人流量庫,包括是透過線下零售店、微盟定向營銷線上廣告,以及產品派遞時加入宣傳卡等,該行相信以這些方式獲取客戶的監管風險相對低,重申對微盟「買入」評級,目標價由27元降至23元。
該行估算公司上半年訂戶收入將升68%,主要受惠智慧零售接觸面提升、ARPU提升,加上假設流失率控制在10%左右,商戶增長應穩定。而在定向營銷方面,該行估計營收將增40%至65億元人民幣,而商戶解決方案收入則升50%,數碼媒體收入料將跌9%,而上半年經調整淨虧損應爲2.38億元人民幣。(el/k) ~
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