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《大行報告》瑞銀降平安好醫生(01833.HK)評級至「中性」 目標價大幅下調至28元
阿思達克 01-28 09:24
瑞銀發表研究報告,將平安好醫生(01833.HK)評級由「買入」調低至「中性」,並修改估值方法,由現金流折現率改為分類加總估值法,目標價相應由115元大幅下調至28元,指平安好醫生較同業有折讓,主要反映增長較慢預期,加上於戰略調整上有較高的不確定性。 該行指公司自去年下半年起進行策略性調整,面向更多企業客戶及提供綜合健保服務,預期最快2024年可達至收支平衡,早於原先預期的2025年。雖然該股估值處於歷史低位,但料2022年上半年收入壓力持續,同時監管壓力亦限制估值重評空間;預期平安好醫生2022至2023年收入複合年增長率為9%,較早前預測的32%大幅調低。
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