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《大行報告》大和首予百融雲-W(06608.HK)「買入」評級 目標價18元
阿思達克 08-05 16:29
大和發表研究報告,首予百融雲-W(06608.HK)「買入」評級,目標價18元。報告稱,公司是領先獨立AI賦能技術平台,為金融機構及借款人的個人金融服務供需提供連接。該行留意到百融雲在數據分析的核心能力,可達到金融機構水平,具規模的經營模式,以及相對低的監管風險。 報告形容百融雲是金融機構及借款人之間的「路由器」,借款人與授貸人之間的信息不平等從來是金融機構的最大痛點,在金融機構快速數碼化下,該行相信百融雲可聳立,在於其透過AI數據分析快速提出相關數據的能力,以合規及順暢方式遞交予金融機構。在同業之中,該行認為百融雲提供最全面產品線,支持個人貸款全面價值鏈。該行料公司2020至2023年間收入年均複合增長達31%。 大和表示,百融雲具成本效益及規模的經營模式。透過軟件即服務(SaaS)模型,百融雲可透過數據採用向金融機構徵收費用。此外,公司經營以雲端為基礎,由於更多機構採用其數據,其收入及成本升軌非線性。該行料其數據每年擴張達40%,經調整純利潤率料由去年的6.9%升至2023年的15.4%。 報告認為市場對監管憂慮反應過度。在數據私隱方面,公司無直接取得任何2C數據,它主要透過官方或半官方渠道獲得數據,如銀聯及國營電訊商。報告表示,料百融雲核心金融服務供應客戶每年將增長20%,倘增長快過預期將屬正面催化劑。在監管方面,倘內地在線上貸款及數據私隱方面有更大可見度,料有望為公司帶來估值重評。
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