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大行評級|花旗:對內地資訊科技及軟件行業轉趨審慎 下調中航信和及中國軟件國際的目標價

花旗發表報吿指,對內地資訊科技及軟件行業轉趨審慎,並認為不同公司上半年或次季業績遜過預期的風險較高,主要原因有三,第一是客户IT預算或需求偏弱,反映在企業對企業的軟體公司業績指引未達標;第二是儘管成本控制抵銷了部分收入壓力,但在壓力不斷增加的情況下,或會出現營運去槓桿效應;第三則是收入或盈利清晰度受限,由於市場對部分公司以市銷率作估值,而且在市場疲弱或業績持續不理想的情況下,投資者信心轉弱或會拖累公司估值。

花旗將中國民航信息網絡的目標價由12港元降至9.2港元,中國軟件國際的目標價由5.7港元降至4.1港元,評級均下調至“中性”,認為前者在成本壓力增加的情況下盈利復甦的時間較長,而後者在資訊科技開支疲弱的情況下,其24年上半年的表現有下行風險。另外,該行亦提出因為中國移動的資訊科技開支較為明確,維持啟明星辰為首選,同時也認為金蝶的風險回報將有所改善,相信公司的修正已經過度。

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