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《大行報告》瑞銀下調微盟(02013.HK)目標價至15元 評級「買入」
阿思達克 11-10 13:44
瑞銀髮表報告表示,下調微盟(02013.HK)目標價,由24.3元降至15元,按現金流折現率作估值,相當預測2022年市盈率9.8倍,維持「買入」評級,並調低集團收入及盈利預測,以反映廣告需求轉弱的潛在挑戰、劇烈競爭及加強對數據安全/隱私的監管。 其中,該行調低微盟今年訂閱收入5%至11.45億元人民幣,以反映宏觀及監管壓力。至於今年的毛利率預測亦由61%降至56.5%,主因「TSO全鏈路智慧增長解決方案」的比例增加、與實施相關的服務收入及流量成本上升。 瑞銀又預期微盟會繼續投資於研發和銷售及推廣,因此調低集團今年經營利潤率預測,由原來升4.7%,降至爲負15.9%。而今年每股盈利預測由原來賺0.05元人民幣,下修至料虧損0.17元人民幣。
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