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《大行報告》麥格理首予明源雲(00909.HK)「跑贏大市」評級 目標價15.25元
阿思達克 06-20 10:39
麥格理發表研究報告,首次給予明源雲(00909.HK)「跑贏大市」評級,指出明源雲為中國領先房地產企業資源規劃(ERP)及軟件即服務(SaaS)提供商,在內房行業供應商中佔有約50%市場份額,雖然於過去一年的百強內房開發商的市場整合程度有所降低,但明源雲有將業務分散至低線城市的小型開發商。 該行指出,當局2020年推出「三條紅線」政策後,行業陷入債務危機,拖累明源雲的收入增幅,由2021年上半年的45.2%放緩至2021年下半年的17%。然而,該行預期隨著內地樓價出現拐點,行業政策將迎來邊際放鬆,估計明源雲通過業務擴展至工業房地產領域,以及將客戶覆蓋範圍擴大到國有開發商等策略,2021至2024年的收入年複合增長率可達到22%,其中SaaS業務收入料複合增長34%,給予目標價15.25元,相當預測明年市銷率6.9倍。
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