《大行报告》麦格理上调腾讯(00700.HK)目标价至610元 评级「跑赢大市」
麦格理发表的研究报告指,尽管国际地缘政治局势升温,但仍看好内地互联网行业的国际增长,特别是当地化的生产及投资策略,该行认为腾讯(00700.HK)定位强劲,可吸纳国际市场份额,将公司目标价升19%至610元,评级「跑赢大市」;网易美股(NTES.US)的目标价亦升26%至471美元。
该行指出虽然互联网行业受地缘政治因素影响,面对不同的监管等,但相信互联网公司国际化增长前景仍然充满生气,特别是一些采取当地化扩张的企业。该行留意到腾讯、网易、B站及字节跳动等均在努力国际化扩张,当中腾讯近年的接触面及投资不断扩阔,不单在手游,而是在游戏主机及PC游戏等均有涉足,相信公司定位理想,可捕捉多元投资的机遇。
该行指出现时腾讯及网易在中国网上游戏市场份额分别为58%及17%,而在全球范畴,腾讯市占约为16%,而网易市占率为5%。该行的基本估算到2024年,腾讯全球市占可升至21%,而网易则会升至6%,届时两家公司线上游戏收入中将有四分一是来自海外市场。假如发展进程加快,腾讯的市占可增至31%,届时海外收入占比则会升至48%。而腾讯及网易的管理层之前提出希望海外市场游戏收入占比可分别提升至50%及30%。(el/u) ~
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