《大行報告》大摩下調金山軟件(03888.HK)目標價至54元 評級「增持」
摩根士丹利發表的研究報告指,早前憂慮金山辦公(688111.SH)估值太高,不過經調整後近期憂慮緩和,認為母公司潛在投資金山雲(KC.US)方面仍存在不確定性,不過相關因素的影響將被回購計劃所抵銷,將金山辦公評級由「減持」升至「與大市同步」;大摩另維持金山軟件(03888.HK)「增持」評級,目標價由65元降至54元。
該行指出,早前認為金山辦公估值較高,不過自次季業績公布以來股價調整30%,主要因為收入放慢令評級下降,該行將公司2021及2022年收入預測分別降5%及8%,以反映取消超短期訂閱套餐的影響,現時公司估值開始步入合理範圍,風險回報相對較平衡。
大摩繼續認為軟件業務可為母公司帶來重要價值,將金山軟件2021至2023年收入預測分別降11%、15%及17%,以反映線上遊戲推出延遲及金山辦公收入預測下降的影響,目標價下調至54元,當中遊戲業務僅貢獻整體價值的4%。該行理解公司將現金注入金山雲或會令母公司折讓拉闊,不過管理層之後指出,在增加或減少金山雲持股上有不同的可能性,另外其10億港元回購計劃反映管理層對長遠增長前景有信心。
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