《大行報告》瑞銀重申快手(01024.HK)「買入」評級 料廣告及電商市場份額提升可優於同業
快手-W(01024.HK)今日半日股價彈高近7.8%收67.4元,瑞銀髮表報告,重申對快手「買入」投資評級,將目標價由149元降至95元,此按現金流折現率作估值,相當於預測2024年市盈率28倍(此前予35倍估值)及預測2022年及2023年市銷率各3.6倍及2.9倍,基於下調人民幣匯率及對其盈利預測,估計公司可於2023年扭虧爲盈。該行降其今年收入預測6%,主要反映因封城下調廣告收入及電商總交易額預測。
該行估計快手今年首季收入按年升22%,料經調整虧損會按年收窄至39億人民幣,但料疫情影響對公司今年第二季電商及廣告需求構成壓力。
瑞銀稱看好快手中長線變現前景,雖然公司正面臨暫時性的挑戰,基於公司定位及具強客戶連結,料快手於2022年至2024年收入的複合增長率爲20%(料其廣告收入及電商總交易額(GMV)複合增長率各爲27%及29%),對比線上媒體平均爲10%,該行認爲快手在廣告及電商領域在提升市場份額上可續跑贏大市。
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