《大行报告》摩通降阅文(00772.HK)目标价至24元 评级「减持」
摩根大通发表报告表示,重申对阅文(00772.HK)未来两季增长前景看法审慎,主要是付费阅读业务弱势,以及新丽传媒下半年内容发放方面的不确定性增加。该行称看到两个正面因素,一来是免费阅读方面广告变现情况较好,而自家开发游戏上半年亦贡献约3亿至4亿元人民币(下同)的收入,但以上两个收入来源均未能抵销线上阅读及新丽传媒短期所面对的下行压力。
该行称,将阅文2019及20年的收入预测分别降10%及16%,以反映对线上阅读业务及新丽传媒看法审慎,预期公司核心业务今年将倒退1%,而明年则料有6%的温和复苏。
摩根大通表示按非通用会计准则计算,将阅文於2019及2020年每股盈测分别削19%及15%,主要考虑对其收入预测的调整以及对其利润前景看法谨慎,维持「减持」评级,目标价由30元降至24元。 ~
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