《大行报告》法巴下调腾讯(00700.HK)合理值至600元 指地缘政治风险趋升
法巴发表研究报告,指美国商务部宣布出於国家安全的考虑,禁止与微信手机应用程式相关的交易。另外,美国外国投资委员会(CFIUS)已向包括Epic、Riot及其他等在内的腾讯投资对象查询,了解它们在处理美国用家个人资料时的安全政策。由於紧张局势加剧,该行认为现时腾讯的美国业务收入有超过50%的机会处於风险之中,在其基本情境中,预计腾讯的收入将减少2%。
该行估计,公司的游戏业务收入影响更高,其次是广告业务。据该行的渠道调查显示,美国对WeChat Pay及云业务的收入贡献很小,而出售美国游戏资产并未纳入该行的基本情况之中。
该行将公司的目标价下调3.8%至600元,主要是由於美国收入损失所致,相信现时其估值合理。
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