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麥格理:維持騰訊(0700.HK)目標價410港元及“跑贏大市”評級
格隆匯 12-12 16:30

麥格理髮表研究報告指,騰訊(00700.HK)管理層在近日的路演上強調未來收入及利潤都有望復甦,考慮到微信小程序及電商平台可望達到變現階段,以及科技金融業務利潤有改善空間,維持目標價410港元及“跑贏大市”評級。

微信小程序使用量今年快速增長,騰訊管理層承認主要是由外部合作夥伴所推動。該行認為,微信UI有進一步改善空間,令小程序更具可搜索性及可索引性,以開拓變現機會釋放價值。此外,騰訊與內地短視頻平台快手的深入合作,該行相信可帶動廣告網絡於明年快速增長。

遊戲業務方面,騰訊對全球化和海外IP戰略前景持謹慎樂觀的態度。麥格理預計,通過併入Supercell,海外收入比重將達到約20%。儘管監管機構審批本地遊戲版號逐漸正常化,但部分海外遊戲審批仍停滯不前,該行引述騰訊管理層表示,將努力在明年爭取獲得批准。

麥格理又認為,騰訊可進一步提高其金融科技業務的利潤率,關注消費類貸款產品在未來12個月或成為利潤增長的來源。

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