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《大行报告》汇丰研究升腾讯(00700.HK)目标价至511元 料有多重引擎引领升势
阿思达克 05-04 14:28
汇丰研究发表的报告指,腾讯(00700.HK)将於5月13日公布首季业绩,该行估计尽管宏观环境较困难,公司收入仍会按年增18%,但盈利增长则会减慢至10-20%水平,主要因为期内低利润的海外手游比例增,加上有一次性的投资亏损约30亿元人民币,此外期内影片内容成本有所增加,而企业微信及教育方面流量增加亦要增加频宽成本。该行下调了公司今年首季及2020财年按非通用会计准则计算的净利预测,分别下调18%及7%,但就将2021及22财年的预测分别升4%及5%,目标价由458港元上调至511港元,维持「买入」评级,认为公司多元化业务较同业较具弹性,有多重引擎引领升势。

在游戏业务方面,该行认为公司在《和平精英》方面表现赶上《王者荣耀》,两个游戏的日活跃用户分别为7,900万户及8,400万户,分别按年增18%及24%,而两个游戏的3月份日均游戏时间分别为139分钟及190分钟,分别按年增57%及50%。该行估计腾讯手游业务增长39%,但由於网吧关闭,估计PC游戏将拖累盈利表现,估计游戏业务强劲的势头将持续至次季,主要受惠夏季的推广活动及《地下城与勇士》手机版推出。

在广告业务方面,社交广告势头强劲可抵销媒体广告的弱势,而小程序将继续是主要的催化剂。该行估计首季社交广告将按年增35%,而媒体广告则按年跌12%,小程序去年交易额达8,000亿元人民币,相信亦有助抢占广告预算,并带动新的广告需求等。在金融科技方面,公司的「健康码」在疫情下是重要的数码化举措,而随着公司在3月份推出「分付」功能,认为非接触式支付亦开始见复苏,但对相关业务看法维持审慎,认为与阿里(09988.HK)的「花呗分期」有直接竞争。(el/u) ~

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