《大行報告》野村下調快手(01024.HK)目標價至100元 評級「買入」
野村下調快手(01024.HK)目標價,由108元降至100元,維持「買入」投資評級。該行下調快手今明兩年收入預測2%及5%,以及非通用會計準則經營溢利率預測1.4及1.6個百分點,以反映收入預測下調。
野村引述管理層指,公司將繼續嚴格控制經營開支及改善經營效率以推動盈利率改善,對本土業務今年底達到收支平衡有信心。該行料快手非通用會計準則經營溢利率將按年改善13個百分點,其中11.5個百分點來自市場開支比率減少。在宏觀情況及新冠疫情不確定性下,估計今年快手網上廣告按年增速放緩至32%,低於去年的95%。電商及其他收入則料按年升36%,當中34%來自電商毛交易金額增長。
該行亦指,快手用戶增長被抖音近月的表現掩蓋。該行引述QuestMobile數據指,快手日活躍用戶落後於抖音旗艦應用的情況持續擴大,快手極速版對抖音極速版的領先優勢亦正在收窄。該行將繼續監察快手能否在更具紀律投資下穩定市佔。
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