《大行報告》匯豐研究下調金山軟件(03888.HK)目標價至25.4元 評級「買入」
匯豐發表評級報告指,金山軟件(03888.HK)早前宣布預計稅前減值損失將錄得56億至65億元人民幣,或投資金山雲的稅後減值損失50億至59億元人民幣,主是由於金山雲股價表現低迷和財務表現疲軟。
該行表示,考慮到減值損失的因素,將公司今年第三季稅前利潤預測由利潤1.29億元人幣下調至虧損59.21億元人民幣,而淨虧損由9,300萬人民幣擴大至55.72億元人民幣。
該行相信,減值損失或不會對公司營運現金流呈負面影響,惟料若金山雲未來未能收窄其虧損,或會繼續拖累公司的應佔聯營公司虧損中的收益。該行料第三季應佔聯營公司份額虧損為4.2億元人民幣,將蠶食公司92%的營業利潤。
該行將其目標價由27.9元下調至25.4元,維持其評級為「買入」。(ca/k)
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