一文了解券商對騰訊(00700.HK)於季績後最新目標價及觀點
騰訊(00700.HK)今早股價偏軟，下滑逾2%。該公司昨日(13日)收市後公布首三季業績，純利717.28億元人民幣(下同)，按年升11.2%，每股盈利7.578元。非通用會計準則純利688.67億元，按年升19%，每股盈利7.276元。首三季收入2,715.22億元，按年升19.2%。EBITDA為1,015.93億元，按年升22.1%。
單計第三季純利203.82億元，按年跌13%，差於本網綜合15間券商預測之下限212.26億元，每股盈利2.151元。非通用會計準則純利244.12億元，按年升24%，低於本網綜合21間券商預測之中位數247.2億元，每股盈利2.577元。第三季收入972.36億元，按年升21%，低於本網綜合21間券商預測之中位數974.76億元。EBITDA為353.78億元，升28.3%。
【季績符預期 憂商業服務】
公司第三季網絡遊戲收入總額按年增長11%至286億元，接近本網綜合4間券商預測上限之286.39億元。其中智能手機遊戲收入升25%至243億元，主因現有國內主要遊戲表現強勁及海外遊戲的貢獻增加；個人電腦客戶端遊戲收入跌7%至115億元。截至6月底，微信及WeChat合併月活躍賬戶數11.51億，較去年同期增加6%。
【摩通與里昂 齊降目標價】
摩根大通下調對騰訊目標價，由450港元降至415港元，維持「增持」評級。該行認為騰訊季績輕微低於預期，但表現應能釋除投資者對其廣告收入減速、及金融科技與商業服務業務毛利惡化的憂慮。在移動遊戲收入進一步加速、媒體廣告回穩及金融科技與商業服務盈利能力改善下，預期未來數季盈利增長將加速至按年30%以上。
瑞信相信，騰訊短期業績展望仍未清晰，並反映於近期股價疲弱上。《地下城與勇士》遊戲下滑情況收窄、多個主要網絡遊戲2020年推出，包括《英雄聯盟》、《地下城與勇士》及《使命召喚》的移動版本，與廣告收益回穩、潛在網絡遊戲平均每付費用戶收入(ARPPU)上升，及金融科技業務結構性增長，騰訊股價或逐步見到支持，建議投資者在股價下跌時吸納。該行維持對騰訊「跑贏大市」評級，及目標價453元不變。
本網最新綜合10間券商對其投資評級及目標價，：
券商│投資評級│目標價(港元)
里昂│買入│480元-460元
瑞信│跑贏大市│453元
美銀美林│買入│433元
花旗│買入│433元
摩根士丹利│增持│430元
高盛│買入│424元
匯豐環球研究│買入│433元-417元
摩根大通│增持│450元-415元
瑞銀│買入│410元
華興資本│增持│400元券商│觀點
里昂│移動遊戲表現遜預期，社交廣告及金融科技增長加速
瑞信│季績輕微遜預期，建議趁低買入股份
美銀美林│各部門表現差異趨勢屬預期之內，外在因素影響業績
花旗│季績疲軟，市場預期過於樂觀
摩根士丹利│銷售符預期，盈利略遜預期
高盛│季績符預期，社交廣告加速及網遊業績強勁
匯豐環球研究│力爭持續及健康發展
摩根大通│廣告業務最壞時間過去，預期盈利加速觸發價值重估
瑞銀│料市場對騰訊看法料明年初開始改善
華興資本│廣告及金融科技表現欠佳屬預期之內，移動遊戲仍然穩固
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