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《大行報告》瑞銀上調快手(01024.HK)目標價至140元 評級「買入」
阿思達克 10-26 09:45
瑞銀發表研究報告指,快手(01024.HK)第三季每日活躍用戶(DAU)及每月活躍用戶(MAU)增長表現符合預期,反映可留住核心用戶群,對抗競爭對手抖音,預期下半年業績表現將較上半年改善。 瑞銀表示,數據顯示快手的用戶參與度有所提高,主要來自於期內的影片內容投資,包括短劇及奧運會相關內客,以及算法調整,預計快手今年廣告收入可按年增長101%。 該行指,由於教育及遊戲領域的營銷減少及監管因素,廣告加載率提升可能會抵銷千次顯示費用(eCPM)較低的影響,將 2021年GMV預測維持在6,640億元人民幣不變,認為快手估值具有吸引力,相當於2022年預測市銷率3倍,而同業平均為約4倍,予「買入」評級,目標價由104元提升至140元。
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