大行評級|高盛:下調金蝶國際目標價至12.13港元 下調長期自由現金流預測
高盛發表報吿指出,該行重新評估其所覆蓋的中國軟件行業的估值,認為未來不確定性大。當中,該行繼續看好收入能見度較高的軟件公司,包括經常性收入較高或大型企業客户較多的公司,因該些客户有較高的軟件預算或較強的本地化能力。
該行認為金蝶國際經常性收入佔比較高,考慮到其收入能見度較高,但尚未盈利,以結合現金流貼現率及短期市銷率為估值基礎,目標價由14.18港元下調至12.13港元,維持對其“買入”評級。基於貼現現金流(DCF)估值,該行將金蝶2032至2041年的自由現金流(FCF)預測下調4%至22%,以反映客户開支的長期能見度較低。此外,該行預期金蝶2024財年下半年收入按年增長19%,相對於上半年料增長17%。
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