《大行報告》大摩:金山軟件(03888.HK)管理層指金山雲需儲備現金 或阻礙潛在股份回購
摩根士丹利發表報告指,金山軟件(03888.HK)今年第二季收入爲14.8億元人民幣,按年增長4%,符合該行預期。不過,線上遊戲錄得按年下跌22%,繼續拖累增長,並抵銷軟件業務錄得強勁的47%按年增幅。
該行提到,金山軟件管理層指金山雲(KC.US)或需儲備現金,以於劇烈的競爭中支持其laaS業務,尤其是在未來三至五年。而此舉或阻礙母公司層面的潛在股份回購,違背了分拆金山雲的初衷,並可能導致金山軟件股價有大幅和持續的折讓。
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