《大行報告》野村下調移卡(09923.HK)目標價至35元 評級「中性」
野村發表研究報告指,移卡(09923.HK)上半年總支付量(GPV)按年增長56%,收入增長 30%,分別超出該行預期2%及7%,而毛利僅增長5%,低於預期 9%,主要由於轉化率下降,對支付業務盈利能力造成壓力;以及店內電商新業務利潤率較低,拖累技術業務整體盈利能力。
期內移卡淨利潤增長36%,但主要來自資產處置之收益。野村將其2021至2023年收入預測上調 2.8%至9%,以反映科技業務特別是電商領域的拓展,同時將毛利預測下調 5.5%至13.1%,認為隨著移卡加大對科技業務研發投入,營業利潤將繼續受壓。
野村並將2022至2023年盈利預測下調29%至44%,指出移卡於高端科技的投入可帶動長期增長,短期盈利受壓則可能持續一段時間,因此基於貼現現金流估值,將目標價由51元下調至35元,將評級由「買入」下調至「中性」。
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