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《大行報告》高盛降新意網(01686.HK)目標價至10元 評級「買入」
高盛發表的研究報告指,新意網(01686.HK)下半財年表現符預期,EBITDA達6.98億元,每股盈利0.098元,期內收入較上半財年增3%,按年增8%,IT使用率由上半財年的75%升至79%,另外活化兩個現有數據中心亦有利收入增長。考慮到下半財年盈利表現,該行將公司2022-25年每股盈利預測微調,目標價由10.8元降至10元,評級維持「買入」。 在成本方面亦少於該行預期,上半財年數據中心經營成本按年跌9%,較高盛預測低32%,而數據中心經營開支相當於收入的19%,比例較去年同期有所下降,銷售、一般及行政開支則按年跌7%,較該行預期低12%。在利潤方面,由於成本較低帶動EBITDA按年增長16%,符該行預期,EBITDA利潤率則擴張至73%。公司維持100%的派息比率,2021財年每股派息0.194元,符預期。 該行指出公司有投資於輕資產模式,並與母公司新鴻基地產(00016.HK)合作發展八家數據中心,在輕資產模式上管理層指策略將按用戶需求更快推出市場,而輕資產則可補充重資產模式,相信以輕資產模式令面市時間可縮減至一年左右。(el/s) ~
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