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《大行報告》大和升移卡(09923.HK)目標價至30元 評級「跑贏大市」
阿思達克 02-10 11:25
大和發表研究報告指,即使面對季節性因素,即農曆新年期間商家休業,但移卡(09923.HK)今年1月總支付量(GPV)仍實現良好的按年及按月復甦,因此預測全年公司GPV將按年增長10%至15%。 移卡管理層透露行業實收率(Take Rate)正在持續復甦,二維碼支付佣金有很大上升空間,而公司的綜合實收率已從2021年的10.7個基點回升至去年上半年的12個基點,今年料達14至16個基點。至於毛利率,由於商家支付佣金較高,因此業務發展需要激勵措施,大和預計短期內毛利率不會上升。 大和又指,相較於美團-W(03690.HK)作為本地綜合生活服務商,向商戶收取各種費用,移卡主要是幫助商戶在短時間內獲得曝光率,並根據實際情況分成,對於中小商戶而言更具性價比。 由於疫情影響時間較預期長,大和將移卡2022至2024年收入預測削減8%至19%,由於新業務及盈利能力提升所需開支增加,將調整後淨利潤預測削減介乎0.2%至70%。大和將目標價由26元上調至30元,並重申「跑贏大市」評級。
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