麦格理:首予金山软件(3888.HK)“跑赢大市”评级 目标价32港元
麦格理发表报告,首予金山软件(03888.HK)“跑赢大市”评级,目标价32港元,此相当综合方式作估值,相当预测今年市盈率33倍,估计旗下云业务及办公室软件业务今年可录强劲增长,主要受益於公司市场领先地位及客户快速适应所致,指该股目前股价较每股资产净值折让高达51%。
该行料,金山软件旗下云业务可成未来主要推动力,料相关业务于2019年至2022年收入复合增长率达53%,相信可受惠於视频及游戏云、内地政府及企业需求所支持;该行估计,金山软件旗下办公室软件业务於2019年至2022年收入复合增长率达45%。
麦格理表示,金山软件未来将迎来三个催化剂,首先是3月份将公布业绩、第二是受政策所支持,第三季是料公司旗下金山云於今年第二季潜在分拆上市,有助提升金山软件的每股资产净值预测。该行料金山软件於2020年及2021年每股盈利预测各为0.56及0.85元人民币。

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