《大行報告》花旗下調金山軟件(03888.HK)目標價至63元 評級「買入」
花旗發表的研究報告指,次季金山軟件(03888.HK)收入及經調整溢利大致符預期,期內遊戲收入按年跌22%,主要因為《劍網3》懷舊版未獲批,而WPS則維持47%的按年增長,主要受惠政府/國企方面的授權業務及客戶端訂閱。管理層認為遊戲環境及審批存在不確定性,因此該行將公司2021-23年淨利預測降43%、11%及9%,以反映新遊戲延遲及研發開支提升等,目標價由69港元降至63港元,評級維持「買入」,以反映WPS勢頭強勁及2022年遊戲增長有望加快。
該行指出次季公司收入按年升4%至14.8億元人民幣(下同),稍好於市場預期,期內遊戲收入跌22%而WPS收入則升47%,毛利率為81.6%,低於首季的84.4%,而經調整經營利潤率則由首季的34.9%收窄至18.3%,相信是由於遊戲利潤減少等。
管理層指出,短期不太可能會調整派息比率或回購,認為相關舉措在現時的市場環境下難支撐股價,另外亦希望將現金留起以備進一步支持子公司。(el/k) ~
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