《大行报告》瑞银下调微盟(02013.HK)目标价至15元 评级「买入」
瑞银发表报告表示,下调微盟(02013.HK)目标价,由24.3元降至15元,按现金流折现率作估值,相当预测2022年市盈率9.8倍,维持「买入」评级,并调低集团收入及盈利预测,以反映广告需求转弱的潜在挑战、剧烈竞争及加强对数据安全/隐私的监管。
其中,该行调低微盟今年订阅收入5%至11.45亿元人民币,以反映宏观及监管压力。至於今年的毛利率预测亦由61%降至56.5%,主因「TSO全链路智慧增长解决方案」的比例增加、与实施相关的服务收入及流量成本上升。
瑞银又预期微盟会继续投资於研发和销售及推广,因此调低集团今年经营利润率预测,由原来升4.7%,降至为负15.9%。而今年每股盈利预测由原来赚0.05元人民币,下修至料亏损0.17元人民币。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.