《大行報告》大和上調快手-W(01024.HK)目標價至92元 評級「買入」
大和發表研究報告指,料快手-W(01024.HK)去年第四季業績將屬意料之中,可能略好於預期,又認為用戶增長和參與度將保持積極趨勢,預計日活躍用戶數量和平均用戶花費時間分別達到3.66億和130分鐘的歷史新高。該行指出,電子商務仍然強勁,但廣告仍沒有恢復跡象。
該行表示,預計快手旗下電子商務,將實現9,000億元人民幣的年度GMV目標,這意味著2022年第四季度的GMV按年增長逾30%。惟快手管理層指出,由於新冠確診病例激增引起的物流問題,去年12月中旬的訂單退貨或取消數量短暫增加,對收入產生了輕微的負面影響。另一方面,主要由快手電商驅動的閉環廣告繼續表現良好,該行認為其實力足以抵銷外部廣告的持續疲軟。
該行上調快手2023至2024年的盈測22至74%,以反映中國重新開放後對廣告及電商業務的正面影響,重申對其「買入」評級,目標價由90元上調至92元,相當預測市銷率3倍。
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