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《大行報告》法巴下調騰訊(00700.HK)合理值至600元 指地緣政治風險趨升
阿思達克 09-22 14:24
法巴發表研究報告,指美國商務部宣布出於國家安全的考慮,禁止與微信手機應用程式相關的交易。另外,美國外國投資委員會(CFIUS)已向包括Epic、Riot及其他等在內的騰訊投資對象查詢,了解它們在處理美國用家個人資料時的安全政策。由於緊張局勢加劇,該行認為現時騰訊的美國業務收入有超過50%的機會處於風險之中,在其基本情境中,預計騰訊的收入將減少2%。

該行估計,公司的遊戲業務收入影響更高,其次是廣告業務。據該行的渠道調查顯示,美國對WeChat Pay及雲業務的收入貢獻很小,而出售美國遊戲資產並未納入該行的基本情況之中。

該行將公司的目標價下調3.8%至600元,主要是由於美國收入損失所致,相信現時其估值合理。

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