DJ EQS-News: CCBI initiated coverage on iClick (NASDAQ: ICLK) at Outperform with a target price of US$10.10
EQS-News / 10/12/2020 / 19:44 UTC+8
CCBI initiated coverage on iClick (NASDAQ: ICLK) at Outperform with a target
price of US$10.10
CCBl initiated coverage on iClick Interactive Asia Group Limited (NASDAQ:
ICLK) at Outperform with a target price of US$10.10 on 8 December 2020,
representing an upside of 40.5% from the same day closing price of US$7.19.
Driven by the rising popularity of performance-based marketing solutions
particularly within the retail space, CCBI particularly likes iClick's
strong content distribution channels (126k mobile apps and 2.2m websites)
and diversified marketing solutions, and sees it as one of the key
beneficiaries of the post-pandemic rebound in the Key Account ads industry
in China. Comparing to the prevailing SMEs focus among peers, CCBI believes
iClick's unique KA-focus positioning has enabled it to maintain a high
customer retention rate, which gives the Company advantages in related cost
control and in turn, yielding a stable, cash cow performance from its
Marketing Solution business.
Regarding its SaaS-based data-driven enterprise solutions, CCBI sees it as
an emerging yet important segment capable of propelling future strategic
business expansion. The value-added services, which include online and
offline customer data collection, data management and analysis, and CRM and
decision-making improvement, allow iClick to strengthen its relationship
with clients beyond online marketing services, while acquiring new clients
in new retail, online education, real estate and other sectors. CCBI also
points out its M&A strategy and intention to strengthen its competitiveness
and explore overseas markets, as new attempts to seize the opportunity from
rising demand for smart retail solutions.
Supported by its strong content distribution channels, diversified marketing
solutions and rising SaaS-based enterprise solutions business, CCBI
estimates a 129% net profit CAGR in FY20-22F. The target price of US$10.10
is based on SOTP valuation, with US$1.90 for marketing solutions based on
15x FY22F non-GAAP earnings, and US$8.20 for enterprise solutions based on
8x price-to-sales.
Initiation Reports in 2020
? 14 October 2020/ ICBCI/ Outperform/ TP:US$9.90
? 28 September 2020/ China Renaissance/ Buy/ TP:US$12.89
? 27 January 2020, Alliance Global Partners/ Buy/ TP: US$8.50 (latest
update on 25 November 2020 with TP:US$12.00)
Other Coverage
? 25 November 2020/ The Benchmark Company/ Buy/ TP:US$13.00
? 24 November 2020/ Roth Capital/ Buy/ TP:US$10.50
? 11 August 2020/ Jefferies/ Buy/ TP:US$10.20
? 26 November 2020/ Essence International/ Buy/ TP:US$14.66
File: CCBI initiated coverage on iClick (NASDAQ: ICLK) at Outperform with a
target price of US$10.10 [1]
10/12/2020 Dissemination of a Financial Press Release, transmitted by EQS
Group.
The issuer is solely responsible for the content of this announcement.
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(END) Dow Jones Newswires
December 10, 2020 06:44 ET (11:44 GMT)
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