《大行報告》瑞信下調微盟(02013.HK)目標價至6.7元 評級「跑贏大市」
瑞信發表研究報告,指疫情下政府部門減少對軟件採購的預算,同時項目合約延遲實施,中小企業客戶面臨財務壓力,預期行業中微盟(02013.HK)最受影響,其次爲中國有贊(08083.HK)、金蝶國際(00268.HK)、用友(600588.SH)及中軟國際(00354.HK)。
該行預期,4月及5月份微盟的GMV及獲客將受到影響,但預期隨着封城措施陸續放寬,受影響最嚴重的微盟、有贊和金蝶可能從投資情況復甦中受惠更大,又指疫情影響因素最終將會消退,認爲企業數碼化轉型步伐維持不變。
瑞信將微盟2022至2024年收入預測及每股盈測分別下調1%和3%,以反映上海封城措施的影響,現時估計今年解決方案訂閱量將增長27%(指引料增30%),商戶解決方案業務料增長29%(指引料增30%),目標價由7.3元降至6.7元,維持「跑贏大市」評級。
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