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交銀國際:維持騰訊(0700.HK)“買入”評級 目標價627港元
格隆匯 09-22 14:50

交銀國際發表報告表示,美國禁令對騰訊(0700.HK)的財務預期實際影響有限,若不考慮支付及雲業務,騰訊核心業務市值對應2021年市盈率20倍,維持其“買入”評級,目標價627港元。

報告指,根據最新消息,加州法院頒佈臨時禁止令,WeChat功能仍然可以使用。WeChat在美月活用户約330萬,騰訊關聯的遊戲公司Riot Games和Epic Games主要遊戲分別為《英雄聯盟》及《Fortnite》,《英雄聯盟》在北美地區收入貢獻應低於行業平均的17%,《Fortnite》騰訊代理運營的中國版本暫未上線。

報告指,WeChat用户仍有其他備用通訊產品。騰訊持股Riot 100%股權,但遊戲主要在中國地區運營,騰訊對Epic持股40%,為獨立運營公司。美國佔騰訊總廣告收入約1%/遊戲總收入1-2%,估算美國地區遊戲及廣告對騰訊總收入貢獻不超過2%。

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