《大行报告》大摩下调快手(01024.HK)目标价至300元 反映投资较高
摩根士丹利发表报告表示,指快手-W(01024.HK)今年首季收入、毛利率及用户符合预期,指公司今年首季非国际财务报告准则经调整亏损近50亿人民币,优於该行原预期亏损64亿人民币,主要因其他收益及税务因素,并指公司闭环生态系统正增强。
该行重申对快手「增持」评级,下调对其「基本情境」目标价由350元降至300元;该行将对其「熊市情境」目标价由180元降至160元,反映投资加大、直播业务收入较弱及毛利率较低。
大摩估计快手於2021年非国际财务报告准则经调整亏损113.2亿人民币,由於直播业务收入较弱(料今年第二季按年跌13%),基於其如同业般大举投资,决定下调对其每股盈利预测。
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