《大行報告》野村下調明源雲(00909.HK)目標價至35元 評級「買入」
野村發表報告,指明源雲(00909.HK)最近股價受房地產市場嚴重拖累,預計房地產市場疲弱以及房企財政狀況惡化,短期內可能導致資訊科技(IT)開支減少,不過長遠來說,隨著房地產市場整固,對企業資源管理系統(EPR)和軟件即服務(SaaS)投資將會增加,領先企業將透過數碼解決方案提升競爭力。該行將其目標價由39元下調至35元,維持「買入」評級。
野村認為明源雲將繼續進取地投資於研發,將明源雲今年至2023年間收入預測下調1%至2.6%,盈利預測下調4.2%至13.8%。該行指,雖然房地產行業轉弱令市場擔心明源雲SaaS增長前景,但認為SaaS的核心產品客戶關係管理雲端(CRM Cloud)仍然是房企不可缺少的銷售宣傳工具,越來越多用戶使用市場推廣開支預算購置CRM Cloud,而非使用IT開支。
野村預計,SaaS表現將優於整體EPR,今年至2023年間的年複合增長率達47%,在2023年將佔總收入69%,又認為中小企有尚未被妥善管理的資產,將對SaaS和EPR有大量需求空間,而明源雲正分配更多資源發展中小企業務,短期內將是該公司增長引擎。
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