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《大行報告》瑞銀料騰訊(00700.HK)可受惠螞蟻(06688.HK)招股上市 維持目標價650元
阿思達克 10-27 14:25
瑞銀發表研究報告,相信騰訊(00700.HK)股價持續在未來數季改善,因潛在的手機遊戲推出、螞蟻集團(06688.HK)IPO,以及騰訊在金融科技領域的吸引力,令市場對騰訊在金融科技機遇上的看法更趨正面,另地緣政治特別是美國相關風險潛在趨穩,甚至緩和。瑞銀近期調研顯示,料騰訊在支付領域二元格局將持續,在小微貸款上動力正在增加。該行認為,騰訊管理層願意投放更多資源在貸款上,特別是新冠疫情後。另外,騰訊媒體廣告收入增長改善,而社交媒體廣告增長穩定,雲業務繼續有長遠增長機會。

該行指出,手遊《地下城與勇士》的推出目前仍未有時間表,但相信投資者和公司均預期會即將推出,但或需要重新申請,《英雄聯盟》則進入另一輪測試。短期而言,《地下城與勇士》的延期料被今年稍後推出的《決勝時刻Mobile》強勁表現憧憬,以及近期推出的《天涯明月刀》抵銷。

瑞銀表示,輕微調升騰訊未來數季手機遊戲預期,並下調廣告、金融科技、商業服務未來數季的收入預期;隨著新手機遊戲推出,瑞銀預期騰訊手機遊戲收入於第三季按年升45%,按季則料跌2.1%,明年料升27.5%,但朋友圈的廣告收入料見短期樽頸。瑞銀維持對騰訊金融科技和雲業務長遠收入增長看好的預期,但復甦速度較原先預期稍為放緩,目標價維持650元,評級「買入」。

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