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《大行報告》野村下調移卡(09923.HK)目標價至20元 評級「中性」
阿思達克 03-09 10:03
野村發表研究報告,指出移卡(09923.HK)自疫情導致的需求衝擊復甦,料其2021財年下半年支付業務抽成趨於穩定,導致2022財年支付業務表現更佳。然而,去年宏觀經濟疲弱爲移卡的科技賦能業務造成負面影響,因商家正推遲他們的IT開支及廣告支出,該行並未見到有關情況將於今年出現轉機。 該行估計,移卡的二維碼支付市場的領先地位將保持不變,惟監管影響不確定,因人民銀行的數碼貨幣計劃仍處於試驗階段,對現有價值鏈的實際影響仍具不確定性。 野村將移卡的2021至2023財年支付業務收入預測分別上調4.9%至12.8%,惟下調科技賦能業務收入預測12.8%至15.8%,並對其去年收入及盈利預測,分別下調0.5%及13.9%,並上調明後兩年收入及純利預測。目標價由35元降至20元,維持「中性」評級。
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