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瑞銀:首予金蝶國際(0268.HK)“中性”評級 目標價12港元
格隆匯 02-18 11:00
瑞銀髮表報告表示,由於金蝶國際(0268.HK) 致力執行其雲業務的策略,預期其以專利授權為基礎的軟件及支援業務收入將逐步下降(2019至2021年之年複合率為跌4%),而云業務該期間之年複合增長率達48%,帶動整體收益之年複合增長率為17%。
該行補充,對金蝶長線業務增長及雲端企業資源規劃(ERP)之領導地位有信心,但由於宏觀不確定性和對中小企業的業務比例高,故令其短期的業務增長有壓力。該行認為,該股現價尚未反映因業務轉變而帶來的毛利率壓力,故首予其“ 中性 ”評級,目標價為12港元。

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