《大行報告》美銀證券降金蝶國際(00268.HK)目標價至14元 增長能見度高盈利能力提升
美銀證券發表報告指,金蝶國際(00268.HK)管理層指引訂閱收入升幅快過收入增幅,可為公司帶來更高的增長能見度及改善現金流,並提升盈利能力。該行估算集團2026財年的訂閱收入佔比約60%(去年佔比約44%)。而管理層預計,2022至26財年間的經營現金流複合年增長率將超過50%,當中,2024財年的營業現金流或超過9億元人民幣。
該行首予集團2026年每股盈測料0.13元人民幣,又對2024至25財年的收入預測下調介乎2%至3%,將目標價由16.5元下調至14元,重申「買入」評級。
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