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《大行》花旗升東方甄選(01797.HK)目標價至33元 因商業模式轉為會員平台
阿思達克 09-02 11:46
花旗研究報告指,因應東方甄選(01797.HK)的商業模式從「依賴龍頭主播」轉向「規模化會員平台」,將2025至27財年收入預測分別下調36%、31%及30%,盈利預測分別下調69%、30%及26%,並將目標價由18.5元升至33元。 該行預期會員平台將有26.4萬付費會員,月回購率達40%;自有品牌毛利率由10%低位恢復至24%;料2028年經調整淨利率達7%至8%,而現時為4%;維持「買入」評級,但認為轉型成效仍然需要經多個季度的表現來驗證。
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