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大行每日評級 | 短期前景然鞏固,野村予網易買入評級

根士丹利:升快手(01024.HK)評級至增持 目標價上調至120港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。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。該行又指認爲,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,快手現價爲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港元上調至120港元。花旗:上調新世界(00017.HK)目標價至31港元 評級中性花旗發表報告指,新世界(00017.HK)未來於香港的住宅推出以啓德爲主,在該行對本港住宅前景看法負面下,預期集團的銷售會放緩,且毛利率低企。報告補充,更爲關注集團內地住宅業務(大灣區)會拖累估值,並認爲其負債率相對較高。不過,該行相信新世界未來推出的項目不錯,目標是於2021年至2025年的租金年均複合增長率約20%。花旗上調新世界股份目標價,由30.8港元輕微上調至31港元,評級維持中性,認爲集團承諾維持可持續的每股派息,與目前每股2.06元的派息水平相比,相信其超過6%的股息收益率可爲下行提供部分支持。

野村:下調網易(09999.HK)目標價203港元 評級買入野村發表報告指,網易(09999.HK)公佈另一穩健的季度業績,去年第四季線上遊戲收入按年上升30%,盈利按年增3倍,主要是受到低基數效應及穩固的遊戲收入增長所推動。該行維持對網易股份「買入」評級,目標價由211港元降至203港元,相當今年預測市盈率19倍,並維持今年盈利預測大致不變。野村表示,網易爲近期首選,認爲在宏觀挑戰下,大部分互聯網同行的業務前景會在今年上半年惡化,但指網易短期前景然鞏固。

摩根大通:下調新創建集團(00659.HK)目標價至10.4港元 評級增持摩根大通發表研究報告,指新創建(00659.HK)業務組合的積極資本循環,令盈利質量顯着改善,槓桿比率下降至13%,同時新創建仍在積極尋找機會出售非核心資產,以擴大其經常性收益和現金流。摩通認爲,公司92%應佔經營盈利中來自四個核心業務,均帶來強大現金流,目前股息7.9%收益率獲得很好的支持,尤其是在管理層承諾可持續和增長的每股分派下,摩通維持新創建「增持」評級,目標價由10.7港元下調至10.4港元。

摩根士丹利:下調中國平安(02318.HK)目標價至73港元 評級增持摩根士丹利認爲,中國平安(02318.HK)去年第四季銷售及毛利疲弱持續,下調其2021財年新業務價值23%(此前料跌2%),主要是因爲產品組合改變,將新業務價值毛利下調2個百分點。由於投資表現持續惡化,加上平安銀行去年第四季表現疲弱,該行將中國平安的稅後營運溢利增長預測由12%減至6%。摩根士丹利將中國平安目標價由82港元調低至73港元,維持「增持」評級。

傑富瑞:下調港交所(00388.HK)目標價至373.94港元 評級持有傑富瑞發表報告指,港交所(00388.HK)去年利潤爲125億元,低於市場預測的129億元,主要是受到去年第四季交易額疲弱影響。該行表示,由於俄羅斯與烏克蘭衝突,港交所股價於2月24日下跌了5.4%,但相信對集團的長遠營運影響有限,較大的下行壓力反而可能來自跌至長期趨勢的日均成交額。另外,港交所在吸引優質企業/投資者以改善流動性方面仍面對挑戰。富瑞下調港交所股份目標價,由459.67港元降至373.94港元,評級維持持有,並因應日均成交額下跌而調低集團今明兩年盈利預測。

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