《大行報告》摩通降明源雲(00909.HK)評級至「中性」 削目標價至19元
摩根大通發表研究報告,將明源雲(00909.HK)的投資評級由「增持」下調至「中性」,指出雖然看好公司SaaS業務的穩健發展,但由於受房地產行業所影響,認為應保持審慎。即使過去一年股價累跌約70%,現估值仍相當於預測2022年市盈率約90倍及預測市銷率約9倍,以任何標準以言亦難言「便宜」。
該行表示,明源雲成功渡過低迷期,管理層透露去年下半年收入將按年增長20%,其中SaaS產品增長超過40%,鑑於前景不明朗,公司計劃在2022年更加關注業務轉型。該行預期公司今年收入可增長13%至20%,其中SaaS業務增長約35%至40%。
考慮到估值主要受潛在垂直市場發展所影響,以及市場預期下降趨勢未完,摩通表示現時對2022至2023年收入預期較市場估計低約15%,目標價亦由50元大削至19元。
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