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《大行報告》瑞銀下調香港科技探索(01137.HK)目標價至7.5元 評級「買入」
瑞銀發表報告指,由於利率上升周期令消費者情緒疲弱,加上疫情影響逐步正常化,及來自DFI零售集團推出的網購平台「Yuu to me」的競爭增加,或會令香港科技探索(01137.HK)的增長及毛利率受壓。 考慮資金環境成本上升,該行將估值基礎由分類加總估值法(SOTP)改至現金流折現率(DCF),以更佳反映公司價值,相應將香港科技探索股份目標價由11.4元降至7.5元,評級維持「買入」,同時調低集團明年及2024年EBITDA預測。不過,瑞銀仍保持正面看法,預期香港電商的滲透率會繼續有上升空間,集團亦持續投資翌日送達及產品擴展等。
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