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大行評級 | 美銀:首予金山軟件買入評級,目標價44港元
格隆匯 05-04 12:52
格隆匯5月4日丨美銀證券發研報,首予金山軟件(3888.HK)“買入”評級,目標價44港元,看好辦公軟件及遊戲業務雙重增長。該行看好金山軟件個人及機構雙重訂閲模式,令辦公軟件收入擴張快速;遊戲業務穩定增長;估值吸引。該行預計,金山軟件2022至2025年期間收入年複合增長率(CAGR)21%;經營利潤率將由2022年24.5%擴至2025年25.3%。該行續指,其目標價包含20%控股公司折讓。此外,反映未來12個月預測市盈率60倍。另其下行風險包括新遊戲延遲推出;辦公軟件收入增長低於預期;金山雲淨虧損擴大。該行料其辦公軟件業務同期收入CAGR為32%,當中個人、機構訂閲業務CAGR分別料為41%、43%。遊戲業務方面,預計金山軟件能夠在中國市場保持穩定增長,並通過推出新遊戲進入全球市場,成為遊戲業務新增長動力。該股現報33.1港元,總市值451億港元。

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