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《大行報告》大和下調網易(09999.HK)目標價至172元 料第三季教育業務宣傳支出較高
阿思達克 10-06 11:47
大和發表報告表示,重申對網易(09999.HK)「買入」投資評級,下調對其目標價,由原來180元降至172元,此相當預測市盈率21倍,考慮到網易旗下「有道」(線上教育業務)在夏天宣傳費用高於預期及研發支出因素,下調對其2020年至2022年每股盈利預測3至17%。

就網易將於11月公布今年第三季業績,該行基於料旗下「有道」在夏季宣傳費用高於預期及外匯匯兌損失因素,下調對網易於今年經調整純利預測17%。該行指,網易短期潛在會受市場同業調低對其盈利預測,但相信公司於今年第四季推出遊戲及進一步回購股份,將可支持股價表現。

大和估計網易今年第三季非通用會計準則純利15.91億人民幣將按年跌66.3%(按季跌69.6%),料非通用會計準則淨利潤率為8.8%,料第三季收入181.81億人民幣按年升24.2%(按季持平);該行料網易第三季旗下手遊收入可按年升29.4%,指旗下《夢幻西遊》及《陰陽師》等網遊保持穩定,並錄來自新遊戲收入貢獻。

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