摩通:料騰訊(0700.HK)上季非通用會計準則多賺36% 維持“增持”評級
摩根大通發表報告表示,騰訊(00700.HK)於過去三個月以來股價走勢與主要中國ADRs呈現分歧(騰訊跌10%,相對主要互聯網公司復甦),相信弱勢是由於市場關注公司旗下個人電腦遊戲、廣告業務放緩,但該行相信騰訊旗下手遊於今年下半年及2020年前景,將較今年上半年為強,因料《和平精英》等帶來收益貢獻。
該行料,騰訊今年第三季收入及非通用會計準則每股盈利各增長22%及36%,業績表現不屬於理想,但業務仍然鞏固,決定維持對其未來12個月“增持”投資評級,因料其未來兩至三個季度盈利增速加快、估計手遊業務未來12至18個月前景強勁、明年廣告有機會出現復甦、未來金融科技及商業服務收入可望加速。目標價維持450元不變,此相當於2019年至2021年市盈率各38倍、29倍及22倍。
摩通估計,騰訊於今年第三季非通用會計準則下每股盈利2.8元人民幣(下同),較市場同業高出8%,料第三季非通用會計準則下純利268.42億元、料總收入983.85億元,其中增值業務收入514.44億元,網遊收入料為292.11億元(料個人電腦遊戲收入114.06億元、手遊收入253.27億元)、料廣告務收入183.75億元,料其營運溢利率為29.2%。
該行料,騰訊旗下手遊於今年第三季收入可按年升30%、料第四季按年增長33%,對比今年第二季增長26%。該行亦估計騰訊今年第三季線上廣告按年增長將會放緩至13%。
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