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《大行報告》野村降金蝶(00268.HK)目標價至15元 下調明源雲(00909.HK)目標價至6.6元
野村發表報告,指就雲業務及軟件即服務(SaaS)板塊而言,內地封城對企業資訊科技(IT)開支構成損害,SaaS轉型已屆後期階段,但尚未帶來經營槓桿。全球經濟疲弱及中國早前嚴厲清零措施對該行所覆蓋的SaaS公司IT需求帶來損害;另多區持續封控對市務推廣活動及項目交付構成干擾。 考慮過去五年來,領先SaaS公司考慮龐大投資,穩固執行雲轉移的策略,雲端軟件已成為重大增長引擎,佔金蝶(00268.HK)、用友網絡(600588.SH)、廣聯達(002410.SZ)、明源雲(00909.HK)去年收入分別46%至66%。該行認為,雲端轉型仍有重大改進空間,因經常性訂購收入僅佔總雲業務收入一少部分。 野村升用友網絡評級由「中性」上調至「買入」,目標價由22元升至28元人民幣;金蝶目標價由21港元降至15港元,評級「買入」;另降明源雲目標價由9港元降至6.6港元,評級「中性」。
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