《大行報告》瑞銀將網易(NTES.US)目標價降至105美元 評級「買入」
瑞銀發表的研究報告指,網易(09999.HK)的手遊增長前景亮麗,惟有道短期為其利潤帶來了壓力,認為公司仍然是其中一家該行傾向選擇的遊戲企業。近期股價回調,主要反映市場對公司在線上教育業務有道方面投資的憂慮,相信投資者仍會關注公司核心遊戲業務,認為即將推出的遊戲(例如《哈里波特》和《天諭手遊》)有望帶動市場氣氛。
該行認為公司遊戲發行能力有所改善,故看法正面,認為可配合其研發能力,帶動遊戲表現好過預期。另外亦預期公司可帶動內地的流量經營模式快速發展,而其高端研發及品牌亦有助改善效率並令利潤表現更具彈性。而公司在遊戲多元化及國際化方面的舉措亦有助進一步提升。該行估計第三季公司手遊收入應按季持平,並按年升22%至100億元人民幣,但受有道方面進取的營銷開支和外匯虧損所拖累,料第三季利潤或大幅收窄。
該行相信公司在暑假時的利潤受壓,大部分是源於有道方面的營銷開支,而手遊及雲音樂方面的宣傳影響則較細。瑞銀相信在疫情下線上教育行業有結構性轉變,而線上教育平台均進取地在暑假期間獲取流量,有道亦推出的積極的推廣;另外,瑞銀估計公司將錄19億元人民幣的外匯虧損。該行將網易(NTES.US)目標價由110美元降至105美元,評級維持「買入」。(el/u) ~
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