大和:維持香港科技探索(1137.HK)優於大市評級 目標價下調至10港元
大和發表研究報吿指,香港科技探索(1137.HK)管理層在投資者會議上表示,其2022年全年訂單總商品交易額(GMV)目標為75億至80億港元,即增長中位數為18%,高於該行及市場預期,但認為具有執行上的風險,隨着HKTVmall迴歸“增長”模式,其經調整EBITDA指引為不低於5000萬元,遠低於該行及市場預期的逾3.5億港元,將公司目標價由11港元下調至10港元,維持“優於大市”評級。
該行表示,管理層計劃透過增加在去年曾經進行購買活動約130萬獨特客户的購買頻率,來實現2022年的GMV目標,HKTVmall每月通常只吸引40萬至50萬活躍客户,HKTV亦有對阻礙客户在平台上購物的原因進行內部研究,發現排名第一的原因是其交付記錄不佳,公司計劃顯著提高其履行能力,並在今年上半年實現90%至95%的兩天交付及今年下半年的“次日交付”命中率。
該行認為,這些改進是必要的,但質疑能否顯著提高購買頻率。相反,該行認為應該在以下方面投入更多精力:通過提升產品類別來加大平均購物籃件數,以及實施更有效的用户獲取計劃,但認為公司新的3年至5年GMV(包括EESE)為120億至150億元的目標是實際的,亦下調2021至2023年經調整EBITDA預測11%至80%。

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