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《大行報告》大摩首予BC科技集團(00863.HK)「與大市同步」評級 目標價16.7元
阿思達克 09-28 12:30
摩根士丹利發表研究報告,指BC科技集團(00863.HK)受惠三大趨勢支持增長,數碼經濟崛起、更多機構參與者,以及加強監管。不過,監管帶來的市場波動,中美在區塊鏈科技的不同立場,以及BC科技植根亞洲及機構投資者或限制增長空間。首予「與大市同步」評級,目標價16.7元,相當於明年預測市銷率11倍。 報告稱,作爲數碼資產交易所,BC科技集團前景取決於數碼資產及加密貨幣的發展。該行料數碼資產將更普及,以及有更多數碼債券發行。如BC科技集團的數碼資產交易所在加密貨幣資產市場有核心角色,料可受惠於數碼經濟崛起。 加強監管促進市場整合,亦加劇市場波動。該行料未來一至兩年市場對數碼資產將收緊監管,涉及交易所牌照、穩定幣、數碼資產本質、借貸等方面。BC科技集團以嚴謹遵守法規聞名。該行料收緊監管將可讓BC科技集團自無牌參與者取得市場份額,即使市場波動或影響交投及交易費用。 報告續稱,BC科技集團是本港唯一持牌數碼資產交易所,亦是亞洲少數,反映其稀有價值。在數碼資產普及下,更多機構參與者進入市場,提高了監管可見度。這意味更高的交易量及SaaS業務。 該行留意到BC科技集團在SaaS業務快速發展,收入貢獻料由目前的2%擴大至2023年的27%。該行指引至2025年收入貢獻佔比擴至50%。該行不預期安全代幣發行在未來兩至三年帶來重大收入貢獻,因仍屆起步階段。 由於資本限制以及數碼貨幣發行等因素,報告不預期中國近期禁止所有虛擬貨幣相關活動的命令短期內將放寬,將限制公司在亞洲的整體潛在市場(TAM)。公司專注於機構參與者,亦致使表現規模相對小,即使其SaaS業務及LatAm敞口可帶來一些緩衝。
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