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瑞信:上调腾讯(0700.HK)目标价至500港元 评级“跑赢大市”
格隆汇 04-20 11:24

瑞信发表报告表示,该行认为腾讯(0700.HK)来自线上游戏方面的盈利增长具可见性,而受惠微信生态圈流量变现,广告收入的弹性也逐步提升,微调了对腾讯2020及2021年盈利预测约各3.4%及4.3%,目标价由460港元升至500港元,此按综合方式作估值,对其估值预测延伸至2021年年中,维持“跑赢大市”评级。

就腾讯将于5月13日公布首季业绩,该行预期收入将同比增20%至1,026亿元人民币(下同),而经调整溢利则预计同比升22%至256亿元,也预计纯利210.76亿人民币同比升20.5%。该行估计腾讯手游及社交广告将仍然是主要首季增长引擎,而受惠玩家流量增加等,《和平精英》及《王者荣耀》预计可带动首季手游收入将同比增长46%至309.58亿。

该行指出需要留意公共卫生事件后公司对业务的展望,特别是广告及支付业务方面,同时要留意其利润前景及游戏方面的发展。

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