《大行报告》花旗:腾讯(00700.HK)通过整合搜狗增强搜索能力 并增广告收入机会
花旗发表报告表示,在昨晚接近美股开市时,搜狗宣布接获腾讯(00700.HK)发出的初步非约束性收购提议,腾讯拟以每ADS的9美元现金价格,收购其尚未持有的搜狗所有普通股,较上周五收市价有约56.5%的溢价。
该行指,交易完成後,搜狗将从美国市场退市,并成为腾讯的间接全资子公司。最新的文件显示,腾讯拥有搜狗1.52亿股B股,相当於39.2%股权及52.3%的投票股。而搜狗则持有371.7万股A股及1.27亿股B股,相当於33.8%的股权及44.1%投票权。假如腾讯以每股9美元价格收购剩下的60.8%股权,料将需要大约21亿美元。
该行指,由於现时双方已有紧密的业务合作,因此对腾讯提出的私有化提议并不完全感到惊讶,尤其是搜狗的股价一直处於令人失望的水平。该行认为此提议来得合时,而收购价慷慨及大体。在业务基础上,该行认为整合搜狗後,腾讯可以完全将其搜索引擎完全整合到旗下产品及生态系统中,从而更好地利用搜狗的技术来增强腾讯的索能力及增加广告收入的机会。
花旗相信,随着小程序的生态系统正逐渐成为主流的基础建设,以连系应用程式及非应用程式用户,拥有一个强大的搜索技术可以有助改善用户的搜索体验,并增强小程序日後的变现机会。另外,这亦有助腾讯抵御市场竞争加剧。该行维持对腾讯「买入」评级及目标价649元。
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