一文了解券商对腾讯(00700.HK)於季绩後最新目标价及观点
腾讯(00700.HK)今早股价偏软，下滑逾2%。该公司昨日(13日)收市後公布首三季业绩，纯利717.28亿元人民币(下同)，按年升11.2%，每股盈利7.578元。非通用会计准则纯利688.67亿元，按年升19%，每股盈利7.276元。首三季收入2,715.22亿元，按年升19.2%。EBITDA为1,015.93亿元，按年升22.1%。
单计第三季纯利203.82亿元，按年跌13%，差於本网综合15间券商预测之下限212.26亿元，每股盈利2.151元。非通用会计准则纯利244.12亿元，按年升24%，低於本网综合21间券商预测之中位数247.2亿元，每股盈利2.577元。第三季收入972.36亿元，按年升21%，低於本网综合21间券商预测之中位数974.76亿元。EBITDA为353.78亿元，升28.3%。
【季绩符预期 忧商业服务】
公司第三季网络游戏收入总额按年增长11%至286亿元，接近本网综合4间券商预测上限之286.39亿元。其中智能手机游戏收入升25%至243亿元，主因现有国内主要游戏表现强劲及海外游戏的贡献增加；个人电脑游戏收入跌7%至115亿元。截至6月底，微信及WeChat合并月活跃账户数11.51亿，较去年同期增加6%。
【摩通与里昂 齐降目标价】
摩根大通下调对腾讯目标价，由450港元降至415港元，维持「增持」评级。该行认为腾讯季绩轻微低於预期，但表现应能释除投资者对其广告收入减速、及金融科技与商业服务业务毛利恶化的忧虑。在移动游戏收入进一步加速、媒体广告回稳及金融科技与商业服务盈利能力改善下，预期未来数季盈利增长将加速至按年30%以上。
瑞信相信，腾讯短期业绩展望仍未清晰，并反映於近期股价疲弱上。《地下城与勇士》游戏下滑情况收窄、多个主要网络游戏2020年推出，包括《英雄联盟》、《地下城与勇士》及《使命召唤》的移动版本，与广告收益回稳、潜在网络游戏平均每付费用户收入(ARPPU)上升，及金融科技业务结构性增长，腾讯股价或逐步见到支持，建议投资者在股价下跌时吸纳。该行维持对腾讯「跑赢大市」评级，及目标价453元不变。
本网最新综合10间券商对其投资评级及目标价，：
券商│投资评级│目标价(港元)
里昂│买入│480元-460元
瑞信│跑赢大市│453元
美银美林│买入│433元
花旗│买入│433元
摩根士丹利│增持│430元
高盛│买入│424元
汇丰环球研究│买入│433元-417元
摩根大通│增持│450元-415元
瑞银│买入│410元
华兴资本│增持│400元券商│观点
里昂│移动游戏表现逊预期，社交广告及金融科技增长加速
瑞信│季绩轻微逊预期，建议趁低买入股份
美银美林│各部门表现差异趋势属预期之内，外在因素影响业绩
花旗│季绩疲软，市场预期过於乐观
摩根士丹利│销售符预期，盈利略逊预期
高盛│季绩符预期，社交广告加速及网游业绩强劲
汇丰环球研究│力争持续及健康发展
摩根大通│广告业务最坏时间过去，预期盈利加速触发价值重估
瑞银│料市场对腾讯看法料明年初开始改善
华兴资本│广告及金融科技表现欠佳属预期之内，移动游戏仍然稳固
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