《大行報告》摩通降微博-SW(09898.HK)目標價至84元 估值接近低谷惟缺乏增長動力
摩根大通發表研究報告指,投資者對網絡業務的整體興趣提升,微博-SW(09898.HK)自2月起股價表現相對亦有在改善。然而,由於廣告需求低迷及市場份額因競爭而流失,該行仍對微博前景保持審慎態度。不過,該行相信集團對股東的價值回報為當前股價提供下行保護。雖然估值已接近歷史低點,但仍建議投資者在中國線上廣告前景開始改善之前不要重新審視集團,維持其「中性」評級,目標價由90元下調至84元。
該行預計,以固定匯率計算,集團於今年首季核心廣告的收入將按年微降2%,全年則基本持平,又預計公司的廣告總收入將升2%;全年營運利潤率及淨利潤率將小幅下降。該行認為集團今年的盈利增長前景依然疲軟,預期淨利潤將出現按年單位數下降。基於營運開支預期增加,又將今年非公認會計準則每股盈測削減13%。
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