《大行報告》花旗降明源雲(00909.HK)評級至「沽售」 下調目標價至10元
花旗發表研究報告指,上半年房地產開發商ERP軟件需求暴跌,以及SaaS收入增長放緩,將拖累明源雲(00909.HK)上半年業績表現,因此將明源雲的評級由「買入」下調至「沽售」,並對該股開展爲期90天的負面觀察。
該行預計,明源雲中期收入將按年下跌10%至約8.7億元人民幣,當中ERP軟件收入下降約45%,SaaS收入料增長約16%,兩者表現均低於公司全年增長指引。而CRM雲POS數量增長有限,加上成本提升,該行估計明源雲中期淨虧損將達到5,000萬元人民幣以上,對比2021年中期核心盈利爲約1.71億元人民幣。
花旗將明源雲2022至2024年收入預測削減 18%至26%,盈利預測削減44%至79%,基於SOTP估值法及衡量同業平均水平後,將目標價由24元下調至10元。
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