《大行报告》大摩:腾讯(00700.HK)於美国收入有限 惟游戏全球化增长前景存阴霾
大摩发表的研究报告指,腾讯(00700.HK)在美国的收入有限,但随着中美关系升温,或会为公司在美国的投资及游戏全球化的增长前景带来阴霾,予目标价500元,评级「增持」。
美国总统特朗普签行政命令禁止与WeChat交易,相信对WeChat的影响可控,因为海外用户基础不大,变现亦有限。该行估算腾讯在美国市场的直接收入占约2%,主要是游戏收入,当中包括PUBG Mobile、英雄联盟等,而对盈利的影响亦与收入一致。该行认为手游方面风险较低,因为当中涉及的个人资料较易满足当地监管要求,而影片串流、讯息及社交媒体等则涉及更多内容,而白宫官员亦澄清禁令只禁止与WeChat相关的交易,不涉及腾讯其他应用。
不过,该行认为腾讯面临的下行风险是公司有更多业务或投资被禁,但另一方面最近中国检准的游戏名单中包括Call of Duty Mobile,相信有助减轻部分针对游戏的忧虑。(el/k)
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