《大行報告》花旗削明源雲(00909.HK)目標價至5元 評級「沽售」
花旗發表研報告指,考慮到內房客戶需求持續疲軟,以及營運去槓桿所帶來的潛在成本挑戰,維持對明源雲(00909.HK)的「沽售」評級,目標價由10元下調至5元。
花旗指,CRM雲業務「雲客」上半年收入僅增長5%,其中POS數量較去年下半年下跌約20%,被ARPU增長約30%所抵銷。而「雲鏈」收入則微升2%,主要受產品平均售價下降約15%所拖累。中期淨虧損達到3.43億元人民幣,較市場及該行預期分別高峴30%及逾一倍。
因應中期業績,該行預測明源雲今年全年核心虧損將達到5.38億元人民幣,預計要到2024年才能實現扭虧為盈,並將2022至2024年各年銷售額預期各下調7.9%、17.5%及27.5%。
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