《大行報告》高盛:快手-W(01024.HK)次季盈喜勝預期 評級「買入」
高盛發表報告指,快手-W(01024.HK)發盈喜勝預期,料第二季國際財務報告準則淨利潤爲14億元人民幣(下同),高於高盛和市場預期的1.1億元和1.6億元。該行預計,第二季非國際財務報告準則淨利潤爲24億元,遠高於高盛和市場預期的13.3億元和13.5億元,顯示淨利率爲9%,比高盛和市場所預期的5%高出近一倍,更比市場預期早一年達到9%。
高盛預計,快手全年淨利潤指引將明顯上調,認爲市場對第三季和第四季淨利潤率預測有上行空間。該行相信,快手下半年可能會保持類似的按年利潤率擴張速度,受惠於電商廣告加速帶來的可持續營運槓桿,應該足以抵銷直播串流媒體收入疲軟帶來的利潤率壓力。
高盛認爲,市場可能會重新審視快手的長期利潤率假設。同時,利潤率上調帶來重估機會,而目前估值仍然提供合理的風險回報。予「買入」評級,目標價90港元。
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