海通證券發佈樂享集團(6988.HK)研報,維持優於大市評級,合理價值區間3.53-4.29港元/股
7月14日,海通證券發佈樂享集團(6988.HK)研究報吿,維持“優於大市”評級,並分析指出2022年合理市值區間為83.85億港元-101.8億港元,對應合理價值區間為3.53港元/股-4.29港元/股。
研報分析,樂享集團近日完成近6億港元配售募資,將有助於扶持公司海外電商新業務快速發展,擴大規模及鞏固先發市場優勢。公司正在不斷優化和完善海外電商業務,有望打造善用短視頻興趣推薦流量的全球消費電子DTC獨立電商平台。
樂享集團2021年收入保持高增長,海外電商業務得到驗證成為亮點。同時,抖音短視頻電商、互動娛樂產品營銷等國內存續業務保持發展穩健。2022年一季度,公司成功參與央企保利文化旗下子公司混改,新業務海外電商在2021年四季度基礎上迅速爬坡、擴大規模。
報吿進一步分析,受益於海外電商業務高速發展,樂享集團2022年全年營收將有望大幅度提升。根據分部估值法,建議國內業務按照PE方法估值,而新業務海外電商業務按照PS方法估值。報吿分析公司2022年合理市值區間為83.85億港元-101.8億港元,對應合理價值區間為3.53港元/股-4.29港元/股,維持“優於大市”評級。
樂享集團是國內領先的新媒體商業化科技集團,通過數字化技術服務國內外新媒體流量商業化,幫助客户產品實現直接觸達消費者(即“DTC”)。目前樂享集團的主要業務板塊有三個,分別是針對國內新媒體商業化開展的“算法營銷”業務、針對海外新媒體商業化開展的“海外獨立站電商”業務,以及針對“培育自有流量”開展的文化業務。
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