《大行报告》大和下调网易(09999.HK)目标价至172元 料第三季教育业务宣传支出较高
大和发表报告表示,重申对网易(09999.HK)「买入」投资评级,下调对其目标价,由原来180元降至172元,此相当预测市盈率21倍,考虑到网易旗下「有道」(线上教育业务)在夏天宣传费用高於预期及研发支出因素,下调对其2020年至2022年每股盈利预测3至17%。
就网易将於11月公布今年第三季业绩,该行基於料旗下「有道」在夏季宣传费用高於预期及外汇汇兑损失因素,下调对网易於今年经调整纯利预测17%。该行指,网易短期潜在会受市场同业调低对其盈利预测,但相信公司於今年第四季推出游戏及进一步回购股份,将可支持股价表现。
大和估计网易今年第三季非通用会计准则纯利15.91亿人民币将按年跌66.3%(按季跌69.6%),料非通用会计准则净利润率为8.8%,料第三季收入181.81亿人民币按年升24.2%(按季持平);该行料网易第三季旗下手游收入可按年升29.4%,指旗下《梦幻西游》及《阴阳师》等网游保持稳定,并录来自新游戏收入贡献。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.