《大行報告》野村上調移卡(09923.HK)目標價至27元 評級「中性」
野村發表研究報告指,移卡(09923.HK)去年收入增長33%,超過該行預期5%,其中下半年收入按年增長36%,相信增長主要來自於去年下半年支付業務的強勁復甦,以及其店內電子商務業務快速擴張。
野村表示,移卡去年淨利潤按年跌4%,調整後淨利潤則增長21%,亦較該行預期分別高出13.2%及0.3%,相信是由於利潤率表現較預期高。管理層透露支付業務將繼續跑贏同行,並且預計疫情影響近期業務發展,但其分成率及毛利率表現將繼續改善。
該行認為,由於宏觀環境疲軟,商家服務可能會繼續面臨挑戰,而移卡通過店內電子商務快速進軍消費市場將使其業務更加多元化,上調今明兩年收入預測2.1%至2.7%,盈利預測亦上調4.5%至11.2%,以反映移卡支付業務穩定及新業務的貢獻,新增2024年收入及盈利預測為按年增長15%及18%,維持「中性」評級,目標價由20元升至27元。
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