《大行報告》野村下調明源雲(00909.HK)目標價至28元 評級「買入」
野村發表報告﹐下調明源雲(00909.HK)目標價由35元至28元,維持「買入」評級。
野村指明源雲召開投資者電話會議,提供業務更新和今年的展望。董事長高宇強調,產品和企業資源管理(ERP)解決方案業務去年受到政策和經濟逆風的影響,部分推遲房地產開發商的IT支出。管理層表示將逐步把ERP的許可收入模式轉變為訂閱模式,以滿足客戶日益增長的雲遷移需求,並幫助客戶在不確定的行業環境下降低前期成本。
該行估計,明源雲ERP解決方案業務去年錄得4%的按年銷售增長,在今明兩年分別按年下跌17%和13%,而之前的預測為按年增長13%至16%,而SaaS部分在2021年至2023年錄得41%的年複合增長率,到2023年貢獻總收入的79%。同時將2021年至2023年的總收入和盈利預測分別降低3.7%至24.3%和24.9%至27.5%,以反映房地產開發商的需求減弱以及收入模式轉型的影響。
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