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《大行報告》美銀證券降嗶哩嗶哩-W(09626.HK)評級至「中性」 大削目標價至91元
美銀證券發表研究報告,指嗶哩嗶哩-W(09626.HK)在廣告市場疲弱和遊戲業務緊縮的情況下,貨幣化前景充滿挑戰,將其評級由「買入」降至「中性」。但該行預期,集團2022年用戶趨勢具韌性,且第三季業績料符合預期。該行將集團今明兩年每股盈測分別下調1%及5%,又將2024年預測降低17%,H股目標價由323元大幅下調至91元。 報告提到,截至2022年第二季,嗶哩嗶哩共有65億元人民幣(下同)的淨現金,總現金為250億元,總債務為184億元(包括可轉債)。該行估計,集團每季的經營現金流出約10億元,該公司或需進一步控制成本和支出,或作出安排以應對由於股市疲弱和全球宏觀逆風,以致可能出現的中長期現金流風險。
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