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《大行》花旗:料安謀(ARM.US)受多項利好因素驅動 升目標價至190美元 評級「買入」
阿思達克 08-01 14:49
花旗研究報告指,對安謀(ARM.US)2026年第一財季表現略感意外,授權活動增強,專利費低迷,研發支出增加。後兩項因素導致每股盈餘(EPS)承壓,但並非負面因素。安謀對今年稍後的專利費持保守態度,尤其在關鍵但增長緩慢的智能手機市場;由於關稅對終端需求的潛在影響,能見度低。更重要的是,在更高的專利費率加速運算子系統(CSS)的開發、軟銀設計工作,以及安謀可能轉向製造矽晶片,安謀研發費用正在增加。而安謀因應客戶需求,在上述領域進行支出,因此花旗目前掌握了成本,但尚未掌握收入。 花旗預期,未來幾季內將有更多資訊,安謀的財務模型也將朝着正面方式發展,從而支持其股價。花旗重申對該股「買入」評級,並應用比之前更高的市盈增長率(PEG)倍數,從1.9倍上調至2.6倍,基於2027年折現收益的約2.6倍PEG來爲安謀估值,將目標價從170美元上調至190美元。 花旗將安謀2026年至2027年收入預估,分別上調1%、2%,預測收入達到19%、23%的穩健增長。 由於安謀持續根據客戶需求,大力投資未來技術路線圖,尤其是在人工智慧領域,該行將2026、2027財年的營運支出分別上調3%、6%。花旗大致維持公司收入並提高費用,導致2026、2027年每股盈利各下調4%。 花旗認爲,安謀的長期成長機會正在增加,正在爲此模擬成本,下調短期利潤率和每股盈利,但安謀在業務模型方面的能見度不足,意味着花旗尚未在收入上給予認可。
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