《大行報告》德銀上調騰訊(00700.HK)目標價至670元 手遊增長前景樂觀
德銀發表報告指,騰訊(00700.HK)今年第三季手遊收入表現按年增長61%,高於該行及市場預期,主要由於內容持續創新,帶動付費用戶及ARPU穩健增長,,除了現有遊戲包括《王者榮耀》及《和平精英》表現強勁外,留意到新遊戲包括《天涯明月刀》及《英雄聯盟:激鬥峽谷》亦帶來了額外貢獻。
該行指,對於騰訊手遊持續增長看法樂觀,主要因為付費比率提升及ARPU上行潛力持續,加上新遊戲貢獻加大,以及公司有較強的產品線,將其2020及2021財年收入預測分別降1%及升1%,經調整溢利預測則分別降3%,目標價由608元升至670元,此相當動態市盈率1.1倍,維持「買入」評級。
德銀指出,騰訊第三季業績大致符預期,整體收入及經調整溢利分別升29%及32%,當中手遊業務表現維持強勁,而社交廣告增長則有所放慢,而該行亦看好微信朋友圈廣告庫存或增,並相信騰訊會審慎平衡用戶體驗。
在金融科技及商業服務方面,德銀稱騰訊第三季相關收入低於該行預期,主要因為疫情對新簽合同有影響,而線下項目推出亦有所延遲,而社交付款及微貸款方面增長溫和,影響部分被商業支付及財富管理方面所抵銷,雖然這方面的業務暫時面對疫情及監管收緊帶來的阻礙,但相信長遠基本面維持穩健,而企業數碼化趨勢持續亦會帶來潛在上行,在財富管理業務方面滲透亦有望提升。(el/w) ~
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