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《大行報告》花旗下調移卡(09923.HK)目標價至58元 維持「買入」評級
阿思達克 07-21 14:37
花旗發表報告,指正如移卡(09923.HK)在該行5月區域技術會議上所分享,其將保持一個靈活的收費率,目標是在今年達到約700萬活躍商家。對渠道合作夥伴的收入分成比例將根據市場情況進行調整。由於去年上半年的低基數和支付交易的健康恢復,花旗認爲今年上半年移卡的總支付交易量(GPV)可能會保持健康增長,而費用率和支付營業利潤率將看到下行壓力,因爲移卡正朝着活躍商戶的目標前進。對於技術性業務,營銷服務和新業務貢獻的比例增加,將導致該部門的營業利潤率下降。

花旗相信移卡在收購商戶和新業務投資方面的堅實執行將在長期內取得成果,目標價由89元下調至58元,維持「買入」評級。

另外,花旗將移卡2021年至2023年的收入預測分別調整爲下跌7%、跌12%、跌19%,而調整後的淨利潤預測分別下跌15%、跌47%、跌52%,並預計移卡將在8月底公佈上半年的業績,預計上半年的收入爲14億元人民幣,按年增長30%,調整後淨利潤爲2.98億元人民幣。

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