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《大行报告》麦格理上调腾讯(00700.HK)目标价至846元 料明年表现仍然强劲
阿思达克 11-13 09:45
麦格理发表的研究报告指,腾讯(00700.HK)第三季业绩表现稳健,认为踏入2021年公司是互联网股中表现最强之一,并认为公司游戏前景、广告及金融科技方面的弹性亦强劲,将公司目标价由815元升至846元,此相当预测2022年市盈率36倍,维持「跑赢大市」评级。

该行指出,腾讯第三季业绩强劲主要是受手游收入带动,因为相关的递延收入贡献带动手游收入按年大增61%,高於该行早前预测的40%,随着踏入今年第四季势头亦逐渐回落,但新游戏如「天涯明月刀」及「英雄联盟:激斗峡谷」料可为2021年及之後的增长铺路。

麦格理表示,腾讯在线上广告方面按年增长16%,差过该行预测的20%增长,但认为受惠库存增长及成本效益较高,估计之後仍有空间增长,估计朋友圈加入第五条广告将可为公司带来10%以上的增长。虽然广告业务未算太强,但腾讯仍然是两大平台之一,随着库存增加、市场份额提升,估计朋友圈加入第五条广告後可带来更多库存,并维持其中期增长表现。

至於在金融科技方面,该行认为表现仍然稳健,第三季增长或达26%,并料势头将持续,同时该行估计暂时相关利润率扩张有限。(el/w) ~

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