《大行報告》野村下調移卡(09923.HK)目標價至51元 評級「買入」
野村發表研究報告指,作為內地領先的二維碼支付服務商,移卡(09923.HK)的支付業務去年大受疫情打擊,總支付交易量及收入有所下降,預期隨著內地經濟及零售消費復甦,今年上半年活躍支付服務商戶數量及成交量將強勁回升。
惟該行指,上半年復甦所帶來的增長,有部分將被次季轉化率下降所抵消,預期轉化率將由之前的12.5個基點降至10.3個基點,有利於提升商戶數量,但料影響整體收入表示,將支付業務收入預測降至15%,並將2021至2023年盈利預測下調0.4%至14.9%。
野村指出,轉化率的積極取態令移卡的股價近日表現疲弱,過去一個月累跌8.6%,對比同期恆指下跌3.8%,維持「買入」評級,目標價降至51元。
野村預測今年上半年總支付交易量按年增長53%至9.67億元人民幣,毛利率則收窄1.3個百分點至29.4%,經調整利潤增長32%至1.73億元人民幣。
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