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《大行報告》大和下調萬國數據-SW(09698.HK)目標價至13.6元 評級「持有」
大和發表研究報告指,雖然萬國數據-SW(09698.HK)第三季營收及盈利增長基本符合預期,但由於項目交付和客戶遷移可能會延遲,相應地將2023至2024年EBITDA 預測下調1%至6%。 大和指,雖然公司11月至今股價反彈40%,風險回報水平吸引力下降,但預計需求復甦較預期早發生,或價格競爭格局改善,將進一步改善市場對該股的情緒。 雲企業客戶需求復甦時間表未明,考慮到需求疲軟及近期出現客戶流失,該行預計萬國數據發展步伐將變得更加保守,今年第四季規劃新增服務面積只有約5,500平方米。計及增量電力成本後,該行預計2022年EBITDA將按年增長14%。 因今年第四季至明年上半年部分新增產能已推遲至2023至2024年。由於項目定價壓力不斷增加,預計明年的月度服務收入將按年下跌4%及收入按年增長7%,維持「持有」評級,目標價則由24元下調至13.6元。
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