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《大行報告》麥格理上調騰訊(00700.HK)目標價至846元 料明年表現仍然強勁
阿思達克 11-13 09:45
麥格理發表的研究報告指,騰訊(00700.HK)第三季業績表現穩健,認為踏入2021年公司是互聯網股中表現最強之一,並認為公司遊戲前景、廣告及金融科技方面的彈性亦強勁,將公司目標價由815元升至846元,此相當預測2022年市盈率36倍,維持「跑贏大市」評級。

該行指出,騰訊第三季業績強勁主要是受手遊收入帶動,因為相關的遞延收入貢獻帶動手遊收入按年大增61%,高於該行早前預測的40%,隨著踏入今年第四季勢頭亦逐漸回落,但新遊戲如「天涯明月刀」及「英雄聯盟:激鬥峽谷」料可為2021年及之後的增長鋪路。

麥格理表示,騰訊在線上廣告方面按年增長16%,差過該行預測的20%增長,但認為受惠庫存增長及成本效益較高,估計之後仍有空間增長,估計朋友圈加入第五條廣告將可為公司帶來10%以上的增長。雖然廣告業務未算太強,但騰訊仍然是兩大平台之一,隨著庫存增加、市場份額提升,估計朋友圈加入第五條廣告後可帶來更多庫存,並維持其中期增長表現。

至於在金融科技方面,該行認為表現仍然穩健,第三季增長或達26%,並料勢頭將持續,同時該行估計暫時相關利潤率擴張有限。(el/w) ~

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