《大行報告》高盛降聯易融(09959.HK)目標價至25元 評級「買入」
高盛發表研究報告,指聯易融(09959.HK)過去三個月累跌約50%,主因小型內房融資活動減少,首季資產線上獲取審覈平臺(AMS)交易量疲弱,按年跌15%;AMS雲提成率上升致收入增長差過預期;其他與房地產敞口相關問題,信貸風險、技術開支等。
由於房地產商融資活動監管收緊,報告下調聯易融2021至2023年收入預測6%至13%,其資產支持證券(ABS)/AMS業務有70%至80%業務敞口在內房行業;但被區塊鏈平臺(多層AR)及金融機構客製化整合技術解決方案eChain增長加快所部分抵銷。
高盛上調聯易融2021至2023年盈測介乎5%至14%,以反映來自多層AR及eChain收入增長加快,該等業務毛利率或高達85%至90%,高於AMS/ABS介乎55%至60%的毛利率。長遠而言,該行料毛利率擴大帶來更高盈利能力,或被收入預測下調所抵銷。該行料今年上半年公司收入5.84億元人民幣,經調整純利1.96億元人民幣。該行下調聯易融目標價由29元降至25元,評級「買入」。
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