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摩通:上調騰訊(0700.HK)目標價至600港元 評級增持
格隆匯 06-09 12:31

摩通發表的研究報告指,騰訊控股(0700.HK)股價已升約3%,升幅稍遜MSCI中國指數。公司近期公佈了遊戲產品線及推出時間表,相信股份越來越吸引,料騰訊將進入自2008年以來最強的遊戲推出週期,有望帶動2020及21年的盈利增長勢頭,而相關因素並未反映在股價上,因此將目標價由550港元升至600港元,評級增持。

該行指出,過去公司只有在2008年試過同時推兩隻爆款遊戲,但認為今年公司有望再次一年內連推兩款爆款遊戲,包括是《DnF Mobile》及《LoL Mobile》,該行的基本情景是兩隻遊戲將為2021年帶來250億元人民幣(下同)的收入,並帶動整體遊戲收入按年增長13%。在PC遊戲方面,該行估計《特戰英豪(Valorant)》將在2021年於國際市場錄70億元收入,扭轉PC遊戲收入連續三年的跌勢。而受惠多個新遊戲帶動,料2021年整體遊戲收入將升22%,而手遊收入則料升26%。

另外,該行相信公司主要業務營運的利潤亦將有改善,包括是增值服務、廣告及金融等,將公司2020/21年每股盈測升3%及6%,認為其遊戲產品線可見性增加。

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