微盟集團 (2013.HK) SaaS 業務數據勝預期,未來持續推進三大戰略 March 30, 2021 68

PSR Recommendation: BUY Status: Upgraded
Target Price: HKDHKD26.70

投資概要
公司對收入拆分結構進行調整,將淨額法精準營銷業務歸類至數字商業板塊
公司 2020 年年報對收入拆分結構進行調整,主營業務從先前的 SaaS 業務及精準營銷
業務兩大板塊轉變成數字商業以及數字媒介兩大板塊。細分來看,原 SaaS 業務歸類至
數字商業板塊中的訂閱解決方案,以淨額法確認收入的精準營銷業務歸類至數字商業
板塊中的商家解決方案,而以全額法確認收入的精準營銷業務則歸類至數字媒介板塊。
公司此次調整將部分精準營銷服務表述為 SaaS 訂閱服務以外的增值服務,從而更能反
映兩大業務的協同性。

About the author

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Kevin Chiu
Analyst
Research

Kevin Chiu received Bachelor`s Degree from University of Bristol and obtained Master`s Degree with distinction in Accounting and Finance from Warwick Business School. Kevin once worked as an analyst in the Equity Capital Market department of China Securities International, and he is familiar with the operation of Hong Kong`s capital market. Kevin is currently a licensed research analyst at Phillip Securities and covers TMT / Education sectors.

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