大和:重申萬國數據(9698.HK)跑贏大市評級 目標價46港元
大和研報指,將萬國數據(9698.HK)目標價由62港元降至46港元,重申“跑贏大市”評級,預期公司表現會於2022年下半年好轉,近期不利因素已部份反映在股價回調之中。
大和報吿指,客户遷入及行業需求可能於下半年起復蘇。受晶片短缺困擾,客户遷入、需求疲弱或持續至首季,但該行仍長遠看好互聯網數據中心(IDC)長遠發展,相信下半年互聯網行業資本開支及監管環境會有所改善,下游需求復甦快於預期及成為潛在股價催化劑。
惟於2022-23年,因小型IDC供應商產能提升,公司或面對供過於求風險,大和料今年新合約有降價風險;在可能的價格競爭下,每月服務收入(MSR)今年或按年跌4%。雖然公司或會將部份成本轉嫁至客户,但另一方面,料可再生能源數據中心收入佔比上升,拖累2022-23年EBITDA。
該行下調2022-23年EBITDA 2%,因預期去年末季至今年首季客户遷入較預期慢;預測企業價值倍數由20倍降至16倍,下調目標價。

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