《大行報告》野村下調快手(01024.HK)目標價至114元 評級「買入」
野村發表報告指,快手(01024.HK)今年第三季業績表現優於市場及該行預期,總收入按年增長33%,較市場及該行預期高2%,相信是受主要業務線有更佳表現所推動。
該行表示,快手季度業績電話會議傳達的訊息與過往優先考慮增長的戰略截然不同,集團強調近期致力於提高用戶獲取和保留的效率,並減少海外市場推廣支出以提高利潤。由於節省市場推廣產生的潛在槓桿作用,該行預計集團明年的經營利潤率將提高9個百分點。
野村下調快手今年第四季收入預測9%,以反映廣告收入預測由早前的按年增長73%降至52%,明年收入預測亦降低6%。不過,季度淨利潤率則調升10.5個百分點至負25%,主因市場推廣開支降19%。該行同時將快手股份目標價由122元下調至114元,評級維持「買入」。(ek/k)
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