《大行报告》瑞银:美国针对腾讯(00700.HK)游戏业务短期影响有限
瑞银发表的研究报告,引述外电指美国外国投资委员会已向游戏公司发信查询他们处理美国用户数据的守则,认为将为腾讯(00700.HK)带来压力,因为美国总统特朗普的行政命令亦有针对WeChat在美经营。腾讯早前指美国收入占比仅2%左右,但监管因素持续为投资者带来忧虑,相信针对腾讯方面的投资情绪在美国大选後将有改善,而《地下城与勇者》及《英雄联盟》手游版推出亦料有帮助。该行相信重点将在於美国会否禁止美国企业与腾讯在海外的合作,倘落实将为股份带来下行。
该行估计现时美国正研究公司在处理美国用户私隐方面的问题,而针对WeChat的行政命令与TikTok的十分类似,认为情况与美国针对华为有所不同,意味针对腾讯的政策主要在於美国用户方面,假如其他国家亦有类似的政策针对腾讯,或会增加风险,但该行认为存在协商空间。
该行估计腾讯的美国手游收入占比少於一成,而来自Riot及Epic的收入则占高单位数百分比,腾讯在美国的主要投资都在游戏及社交领域。该行维持对公司「买入」评级,目标价650元,相信公司增长可见性、同业竞争定位及利润扩张等均有改善。
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