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騰訊概念股微盟可越升越有?

微盟集團(SEHK:2013)疫市中表現如何?長線投資可依然可買? –

騰訊概念股向來受歡迎,微盟集團(SEHK2013)主要經營SaaS及營銷業務,並以騰訊旗下微信為主要平台。集團最近公布2020上半年業績,疫市中表現如何?長線投資可買未?

受惠線上化趨勢

微盟集團經營的業務主要有兩大類,包括SaaS及精準營銷。兩大業務均以騰訊經營的微信生態為基礎,集團更是微信的領先第三方服務供應商。疫市中線下渠道普遍大受打擊,零售、餐飲線上化成疫市趨勢,消費者對於線上渠道的依賴有增無減,為微盟帶來增長順風。

SaaS方面,線上渠道成為企業接觸客戶的核心渠道,地位在疫市顯著加強,疫後有望持續鞏固,企業、零散商戶用於微信生態設店的預算增加,帶動微盟的SaaS服務需求,如可讓用戶一站式管理微信銷售平台的微商城微盟SaaS產品在期內的新增付費商戶數量較去年同期增加近42%付費商戶數量則錄得約26%同比增幅。撇除SaaS破壞事件的不利影響,每用戶平均收入按年增加約10%3,447元(人民幣·下同)。

精準營銷方面,微盟主打的微信植入式廣告方案同樣錄得增長。雖然新增廣告主數量較去年同期有所縮減,但廣告主數量仍按年增加逾30%每廣告主平均開支更大幅增加逾90%176,772元。這反映出疫市中廣告主用於發展線上渠道的預算增加,營銷進一步轉移至線上生態,騰訊旗下的微信成為其一核心生態,微盟的服務需求因而受惠擴張。

非經常項目影響顯著

儘管微盟的核心業務在今年上半年表現穩定,集團期內由盈轉虧,錄得約5.5億元虧損,同比跌幅約290%。這主要可歸因於集團在今年5月發行的可換股債券在期內大幅升值,構成近5億元虧損,但金融負債公平值變動屬於非現金項目,不影響微盟期內的現金收益。此外,期內出現SaaS破壞事件賠付計劃產生近9,000萬元預期支出,但集團指出預計賠付不會在未來帶來重大損益影響。簡短地說,以上兩個在上半年為微盟帶來重大不利影響的項目對集團長線盈利能力影響有限。

結語

雖然微盟在上半年由盈轉虧,但核心業務表現穩健,短期盈利倒退不構成長線投資價值損耗,將有利支持股價。

【延伸閱讀】雲服務已不可缺少 三隻不容錯過的雲概念股

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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