《大行報告》德銀下調微盟集團(02013.HK)目標價至8.5元 評級「買入」
德銀發表報告,指自去年11月以來宏觀經濟放緩,拖累微盟集團(02013.HK)的SaaS業務和精準營銷業務,將其目標價由20元降至8.5元,評級則維持「買入」。
報告指,微盟最近疫情和封鎖措施進一步推遲SaaS的部署,影響了廣告商的情緒。不過公司在以下方面繼續取得進展,包括通過增加客戶,加強對關鍵的新興垂直行業的覆蓋,如零售業和餐飲業;將重點轉移到KA(關鍵客戶或大客戶);開發PaaS平台(WOS)。
德銀指,考慮到疫情,把微盟2022和2023財年的收入預測分別下調19%和29%,以反映SaaS和精準營銷收入增長放緩,料2022財年分別按年增長21%和33%。同時將2022和2023財年調整後的營業利潤率預期分別下調9個百分點和6個百分點。
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