《大行报告》野村下调网易(09999.HK)目标价至169元 评级「买入」
野村发表的研究报告指,料网易(09999.HK)第三季整体收入将升24%至181亿元人民币(下同),与市场预期一致,当中线上游戏收入料升19%至138亿元,而按非通用会计准则计算,经营利润率料跌9个百分点至17.6%,主要因为期内整合营销开支按年大升121%,如撇除网易有道方面的影响,期内营销开支按年增幅约为70%,主要由於线上游戏及音乐串流的营销开支增加。
报告称,公司现持有120亿美元现金,主要以美元计值,主要受惠在港第二上市筹约31亿美元,而美元相对人民币贬值或会为第三季带来约14亿元人民币的未入帐汇兑亏损,故估计第三季公司每股盈利仅0.57元,低於市场预期的1.23元。
该行指出《魔兽世界》及《暗影之地》的扩充包将於10月底推出,另外亦会在10月底推出《哈利波特》的最後一轮测试,之後相信将会在内地推出,野村相信游戏有望在内地获得成功。另外公司将有三款游戏或可带来潜在上行惊喜,包括是《时空中的绘旅人》、《幻书启世录》及《天谕》,三款游戏均在未来两季推出。该行将公司2020及21财年每股盈测降15%及4%,以反映外汇亏损及营销开支增加,但收入估算则维持不变,维持「买入」评级,目标价由173港元降至169港元。
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