《大行報告》麥格理下調金蝶(00268.HK)目標價至20.7元 評級「跑贏大市」
麥格理發表評級報告指,金蝶國際(00268.HK)上半年收入較該行預測高出6%,並符合市場預測,按年增17%至21.97億元人民幣,惟上半年毛利率錄得60.6%,較該行及市場預測均低出約2個百分點,營運支出比率略低於該行預測的90.2%;另外,由於高於預期的非營運支出及較低的有效稅率,淨虧損為3.56億元人民幣,符合該行預期。
該行將今年、明年及2024年淨利潤預測下調1%、7%及4%,以考慮到雲星空(Galaxy)業務增長放緩、較低的部署式ERP收入、小型及微型企業呈更高的雲增長和整體毛利率收縮。
該行將其目標價由23.2元下調至20.7元,相當於預測明年市銷率9倍,並維持其評級為「跑贏大市」。
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