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随着数字业务出现高增长,IT股可能会被重新评级

雪绒花证券(Edelweiss Securities)在一份报告中表示,印度IT服务公司的盈利增长也将加快,这将导致它们的交易价格高于目前与EPAM和Luxoft等全球同行相比的折扣估值。

孟买:TCS等印度技术服务公司,印孚瑟斯而且HCL科技公司未来几年,在数字服务增长的推动下,可能会出现大幅的股票重估,就像大型科技公司的股票重估一样。脸谱网据分析人士称,在过去几年里,亚马逊、苹果、Netflix和谷歌(Alphabet)等公司的股价都出现了大幅上涨。

在过去的五年里,FAANG公司的股票快速增长,与稳步增长的收入业绩保持一致。雪绒花证券他在一份报告中表示,印度IT服务公司的盈利增长也将加快,这将导致它们的股价高于目前与EPAM和Luxoft等全球同行相比的贴现估值。

“我们强烈认为,由多次盈利升级和更高的PEG(市盈率与增长比)驱动的大幅重估(类似于FAANGs的生态系统)是合理的。我们还解释说,印度科技公司的交易价格比其公允价值低20-60%,比全球同行(EPAM和Luxoft)低50%,这种反常现象可能会在两到三年内得到纠正,”Edelweiss的分析师Sandip Agarwal和Pranav Kshatriya在报告中说。

该券商表示,在2022-2025财年期间,收益将以17%-19%的复合年增长率(CAGR)增长,而目前预计2018-2021财年的增长率为6%-12%。这意味着交易倍数至少上涨1.5倍,与FAANGs生态系统的情况类似。

全球经纪公司杰富瑞还表示,印度它的股票可能会在未来几个季度重新评级。该公司表示,尽管It行业目前的交易价格较其10年平均交易价格溢价24%,但“随着该行业对Nifty的估值溢价以及其与10年期债券收益率的收益差远低于历史平均水平,进一步重估是有可能的。”

它补充称,IT股的“拥有量不足”也应支撑估值。五大IT公司,Infosys, HCL Technologies,Wipro该公司表示,在过去5年里,塔塔咨询服务公司和马欣德拉科技公司累计向股东返还了2.4万亿卢比现金。

经纪公司麦格理(Macquarie)也表示,未来几个月,供应商整合、专属减持和更高的外包将帮助大型IT公司提高市场份额。该公司表示:“我们认为,增长的高可见性、可持续的净资产收益率(ROE)和持续的支出应该反映在印度It行业整体更好的交易倍数上。”


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Mumbai: Indian technology services companies like TCS, Infosys<\/a> and HCL Technologies<\/a> could see a substantial big re-rating of shares driven by growth of digital services in the coming years, much like the re-rating of shares that happened in Big Tech, FAANG (Facebook<\/a>, Amazon, Apple, Netflix and Google (Alphabet)) companies in the last few years, according to analysts.

In the last five years, shares of FAANG companies have seen rapid growth in keeping with steadily rising revenue performance.
Edelweiss Securities<\/a> in a note said that Indian IT services companies too would see a hike in earnings growth which would lead them to trade higher than their currently discounted valuations compared to global peers like EPAM and Luxoft.

\u201cWe strongly contend that a substantial re-rating driven by multiple earnings upgrades and higher PEG (price\/earnings to growth) ratios\u2014similar to what happened in FAANGs\u2019 ecosystem\u2014is in order. We also expound that Indian technology companies are trading at massive discounts of 20-60% to their fair values and 50% to global peers (EPAM and Luxoft) and that this anomaly is likely to correct over two\u2013three years,\u201d said analysts at Edelweiss, Sandip Agarwal and Pranav Kshatriya, in the note.