《大行报告》野村:腾讯(00700.HK)整合搜狗可达双赢 维持目标价531元
野村发表研究报告,指腾讯(00700.HK)收购搜狗一事,估算以每股9美元计,总涉资21亿美元,相等於搜狗此前收市价溢价57%,并以全现金交易。
该行指,搜狗主席兼其控股公司行政总裁张川已同意有关交易,并出售其搜狗的持股予腾讯。而有关举动相信可有助交易完成,同时57%的溢价亦对股东有吸引力。
野村表示,交易有助腾讯加强其搜索业务的占有率,目前微信已成为中国智能手机用户获取资讯的主要渠道,有数以千万计的第三方内容供应商开设公众号,相信未来用户对具高质素的搜索服务需求会增加。而过去数年,搜狗亦致力与微信合作,故相信有关交易可以是双赢的状况。
该行表示,交易对腾讯的财务影响有限,假设将搜狗今年全年的业绩合并了报表,相估有助提升今明两年收入分别2%及1%,而非通用标准会计准备计的纯利,提升0.1%及0.5%,同时带来协同效应,重申「买入」评级,目标价维持531元。
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