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《大行報告》麥格理上調金蝶國際(00268.HK)目標價至27.5元 評級「跑贏大市」
阿思達克 07-29 09:42
麥格理發表報告表示,就金蝶國際(00268.HK)發盈警,預料今年上半年收入錄5至10%跌幅,並錄虧損2億至3億元人民幣。該行指金蝶在2020年度終止K/3及KIS軟件業務,專注於SaaS產品。根據該行的估算,這將導致盈利按年下跌約1.7億元。

該行預期金蝶國際在上半年的研發開支錄49%按年增長,導致雲業務的經營溢利錄1.3億元人民幣的跌幅。據公司管理層所述,公司在上半年增加500名人手。

至於疫情對金蝶收入增長的影響則體現在三方面,包括因為項目交付停頓,而令傳統EAS業務將錄20%跌幅;中小企業的SaaS產品因為經濟環境欠佳而受到打擊;以及增加現有客戶的附加銷售。

麥格理稱,將金蝶國際2020上半年、2020年及2021年經調整每股盈利預測分別下調472%、108%及63%,以反映受到疫情的影響及「COSMIC」的研發開支高於預期。將其目標價由原來的14.6元上調至27.5元,重申「跑贏大市」投資評級。

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