大摩:予騰訊(0700.HK)“增持”評級 目標價500港元
大摩發表研究報告表示,報道指騰訊(0700.HK)有意入股愛奇藝,成為其最大股東,以降低成本及行業競爭,而騰訊已向持有愛奇藝56.2%股份的百度洽談購股,該行認為有關交易具有成本協同效應,將可帶來三贏局面,一方面長遠可助騰訊在視頻市場佔據領導地位,同時百度亦可釋放投資價值,而愛奇藝亦可減緩融資的憂慮。該行予騰訊“增持”評級,目標價500港元,最樂觀情況下可達642港元。
報告估計,內地去年線上視頻總用户超過2.5億户,每月每户平均收入(ARPU)擴張將成為未來增長動力,而潛在的行業整合將有利議價能力,並降低市場推廣成本。

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