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《大行報告》野村上調金蝶國際(00268.HK)目標價至21.6元 評級「買入」
阿思達克 07-27 10:23
野村發表研究報告指金蝶國際(00268.HK)已由軟件供應商轉型至企業雲軟件解決方案提供商,以在滲透率仍低的內地雲市場獲得長期可持續增長。在新冠肺炎疫情及中美糾紛的混亂環境下,金蝶的SaaS業務卻得益於在家工作的需求及替代趨勢。

該行指,經過上半年訂單延期以及項目實施受阻的短暫影響,預期公司的雲業務或在下半年重新加快增長,全年增長可達58%,成為公司最大的收入增長動力。而企業服務方亦有更好的表現。

該行降2020-22年盈利預期17-38%,以反映由利潤率較高的ERP產品向雲業務遷移較預期更快的情況,但升將目標價由12元升至21.6元,以反映雲服務有更佳的長遠前景,重申「買入」評級。

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