《大行報告》瑞銀上調香港科技探索(01137.HK)目標價至7.6元 評級「買入」
瑞銀發表研究報告指出,香港科技探索(01137.HK)上半年錄得經調整EBITDA為1.96億元,遠高於該行預期的8,800萬元,主要由於營運支出(尤其是營銷費用方面)低過預期。鑑於公司針對性的促銷活動,令其營銷費用僅佔訂單總商品交易額(GMV)的1.9%,低過預期的3.8%佔比。受惠疫情影響,期內GMV按年升37%,而廣告分部維持強勁增長,按年升35%。
該行指出,香港科技探索上半年業績穩固,公司因此上調對2022財年的經調整EBITDA佔GMV的百分比預測指引,由原定目標2%至2.5%,上調至4.5%至5%;惟消費情緒疲弱下,將GMV目標定為原目標的80億至85億元的下限,即80億元。
此外,瑞銀認為香港科技探索上半年業績強勁,加上更新目標指引,該行對其2022至2024財年的經調整EBITDA預測上調70%至75%,至介乎2.82億至3.68億元,收入預測下調4%至8%,以反映消費者情緒疲弱潛在影響GMV下降,以及旗下Shoalter的網上購物商場EESE暫停營運,影響Shoalter佣金收入減少。對公司目標價由7.5元上調至7.6元, 評級「買入」。
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