《大行報告》大摩下調閱文(00772.HK)目標價至33元 評級「與大市同步」
摩根士丹利發表報告指,閱文(00772.HK)去年在IP運營收入15億元人民幣,按年下跌45%,高於該行預期2%,在線上閱讀收入28億元人民幣,據非國際財務報告準則,其淨利潤5.65億元人民幣,按年跌37%,優於該行預期44%,因爲新麗傳媒的生產成本較低,部份抵銷較高的線上閱讀傭金及營運開支。
由於內地劇目/手遊牌照審批仍存有憂慮,以致可能推遲發佈時間表,該行將公司在2022年IP毛利預測下調10%,並預測公司在2023年IP運營毛利按年增26%,以反映公司在遊戲及非新麗傳媒的劇目項目,以及受惠於新麗傳媒在2023年的6%增長預測。
大摩將閱文在2022年至23年收入預測下調4%至5%,以反映較低IP營運,經調整利潤下調9%,反映閱讀業務毛利較低,並將目標價由50元下調至33元,相當於下調至22倍市盈率,並維持其評級爲「與大市同步」。(ca/a)
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