《大行报告》花旗上调腾讯(00700.HK)目标价至433元 料上季非通用会计准则多赚27.3%
花旗发表的研究报告指,腾讯(00700.HK)将於11月13日收市後公布第三季业绩,预期受惠《和平精英》及《跑跑卡丁车》带动,期内手游收入强劲,而撇除视频方面的线上广告收入则维持疲弱并面对较强的比较。该行预期金融科技及商业服务收入则按年增长34-36%左右,总体而言第三季整体收入将按年增长18.5%,料较市场预期低4%左右。
计及Supercell将自今年11月开始整合,以及计算来自《Call of Duty Mobile》方面的收入贡献,调整2019-21年盈测0%、0.9%及0.3%,目标价由429元升至433元,维持「买入」评级,并对管理层的执行能力感正面,相信有能力带领公司度过艰难。
该行估计公司第三季收入将按年增18.5%至955亿元人民币(下同),而按非通用会计准则计算纯利按年升27.3%至250亿元,而市场预期两者分别为994亿元及245亿元。该行将手游收入预测上调了1.7%,但就将媒体广告收入预测下调12%,认为未来仍要关注针对内容方面的监管,以及广告气氛复苏情况,此外亦可留意公司游戏的产品线及金融科技方面的增长机遇。
第四季方面,该行保守估计Supercell将贡献20.7亿元收入,而《Call of Duty Mobile》则可带来额外1.82亿元净收入,惟该行进一步将媒体广告收入预测下调12%至44.8亿元,意味将按年跌13.6%,以反映视频方面品牌广告的弱势。
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