《大行報告》瑞銀下調香港科技探索(01137.HK)目標價至11.4元 評級「買入」
瑞銀發表研究報告,指香港科技探索(01137.HK)去年經調整EBITDA錄1.13億元,按年跌63%,低於該行預期的1.84億元,主因350元/500元購物券相關單次性市場推廣開支8,660萬元,擴大VIP客戶基礎致VIP日推廣優惠增加,以及2020年獲得港府單次性7,090萬元補貼。
報告稱,香港科技探索提及向俄羅斯一家主要銀行投資3,200萬元購買債券,由於俄烏衝突,該債券的可收回性變得不確定。公司資產負債表仍穩固,去年底止淨現金及金融資產總值11億元。
展望未來,公司提升明年總平台交易額(GMV)指引,由75億至80億元,升至80億至85億元,因本港防疫限制刺激線上購物。在業績會議上,即使計及運力限制下取消部分訂單,管理層指GMV在今年3月創新高,按月增15.5%,意味按年升逾100%。
由於本年至今強勁交易額,該行上調公司2022至2023年GMV預測2%至9%,由於營運槓桿改善,上調期內EBITDA預測至介乎1.69億至2.39億元。目標價由12.4元降至11.4元,評級「買入」。
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