《大行報告》大摩升快手(01024.HK)評級至「增持」 目標價上調至120元
摩根士丹利發表研究報告指出,快手(01024.HK)過去六個月進行的業務重組,有助於提升變現率及營運效率,預期快手將繼續獲得更多市場份額,將投資評級提升至「增持」。
大摩表示,快手股價年初至今累計上漲16%,反映出公司去年第四季及今年表現跑贏同業,預期2023年市場份額增長及盈利能力將繼續改善。該行又指認為,市場對快手的預期已見底,預期下半年營運效率將提升,2022年至2023年收入前景向好。
該行指,快手現價為2022年及2023年預測市銷率的3.3倍及2.8倍,假設淨利潤率達到20%,預期2021至2023年收入年複合增長率達20%,估計中國市場業務今年第四季將可能實現盈虧平衡,將目標價由105元上調至120元。
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