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《大行報告》大和首予BC科技集團(00863.HK)「買入」評級 目標價9元
阿思達克 04-25 12:26
大和發表報告,首予本港唯一受監管數字資產交易所「OSL」母企BC科技集團(00863.HK)「買入」評級,以今年預測市銷率7倍為估值基礎,目標價9元。該行料BC科技是今年立法規管數碼資產交易活動的核心受惠者,立法擬要求數碼資產交易服務只可以透過持牌平台向專業投資者提供。依靠專注向機構投資者提供數碼資產服務,BC科技旗下OSL就出口加密貨幣基建向全球客戶方面取得成功,客戶包括星展。該行相信SaaS技術服務業務可為公司長遠發展奠定基礎。 報告稱,留意到本港以至全球數碼資產市場兩大趨勢,即政府加強監管及機構投資者增加採用,該行料OSL在迎接這兩大趨勢上已有良好定位。該行估算BC科技去年在全球法定加密貨幣交易市佔僅0.7%,料2021至2024年間OSL交易平台交易量年均複合增長達38%,至2024年全球市佔將擴至1.6%。 大和稱,加密貨幣基建業務有長遠潛力。短期而言,主經紀商業務是OSL主要收入來源,OSL正建立加密貨幣技術庫,及建立B2B客戶關係。如果OSL的SaaS技術進入收成期,公司業務模式將轉變至訂閱為基礎的B2B2C模式,可充分利用客戶名聲及受惠於用戶基礎。
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