大和:大幅下調移卡(9923.HK)目標價至29港元 重申優於大市評級
大和發表研究報吿指,隨着移卡(9923.HK)市場和戰略的變化,支付費率將在2022年上升。而去年所獲取的用户流量達到目標,關鍵指標增長27至49%。該行重申其“優於大市”評級,惟將目標價由57港元大幅下調至29港元。另外,由於集團新業務發展引致的高支出,該行又下調其2021至23年的純利預測5至19%。
該行預期,集團2021年的收入按年增長28%,支付收入增長將落後於第三方二維碼支付商業收單中的驗證的增長,因為其支付費率和毛利率均因進取的市場份額策略而下降,包括採取降低支付費率和提高代理分成比率,儘管其已在去年11月基本上結束該策略。該行料軟體即服務(SaaS)收入增長將在2021年增逾一倍,營銷收入增長將因一些傳統主要廣吿商(如遊戲和教育行業)的運營受到干擾而減速。該行預計,公司的混合毛利率在2021年按年面臨壓力。同時,又預計由於新業務投資,2021年的支出收入比將會上升。
對於代理分成比例,集團表示,由於其不斷增長的SaaS和電子商務部門的收入分成,比例或很快達到頂峯並逐漸下降。該行相信,這將有助於改善支出收入增長和毛利率。

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