You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
大摩:首予微盟集團“增持”評級 目標價6.6港元
格隆匯 02-06 13:46

摩根士丹利研報指,首予微盟集團(2013.HK) “增持”評級,目標價6.6港元。報告稱,微盟提供的商業雲端服務幫助零售商在毋須提供分成下將直銷過程數碼化。該行料其向中型客户加快滲透將大幅改善經營數據及觸發估值重評。

報告表示,微盟軟件即服務(SaaS)定位強勁,鼓勵零售商維持客户基礎以避免向電商平台提供高額分成。隨著電商平台集中化及擠擁,零售商有意自設私人客户平台,提高經營效率。大摩認為,微盟商業雲端可滿足有關需求。隨著微盟與更多社交平台合作,將為客户帶來更大附加價值。受惠上客增長及每月户平均收入(ARPU)擴張,該行料微盟SaaS收入在2018至2021年間年均複合增長達39%。

大摩估算,微盟現估值相當於2020年預測市售率(EV/sales)3倍,較內地同業折讓45%,較美國同業更折讓逾70%,認為估值吸引。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account