《大行》野村下調對金蝶(00268.HK)目標價至18.49元 維持「買入」評級
野村報告指,金蝶(00268.HK)的基本面正處於可持續復甦軌道,原因包括成功轉型為訂閱制收入模式、專注高利潤業務並嚴格控制研發支出及內地企業資源管理(ERP)系統市場競爭壓力緩解。
該行料公司中期收入按年升11%,淨虧損料由去年同期2.18億元人民幣收窄至今年半年的9,000萬元人民幣。全年收入料按年升11.5%,年化經常性收入料按年升25%,主要受惠於大型企業強勁訂單,同時通過有效控制人手,淨利潤或轉正1.7億元人民幣。
該行下調對公司今明兩年收入預測4%至7.1%,反映中小企需求疲軟,同時下調今明兩年盈利預測8%至27%,維持「買入」評級,目標價由19元下調至18.49元,目標2026年市銷率8.7倍。
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