《大行报告》高盛引述腾讯(00700.HK)料明年网游管道强劲 指反垄断指南对业务影响有限
高盛发表报告指,与腾讯(00700.HK)管理层於路演活动沟通後,重申对腾讯的积极正面看法。
报告指出,腾讯管理层透露明年将推出不少备受关注的游戏,包括3款根据知名电脑游戏改编的手机游戏,因此对明年的游戏收入增长势头充满信心,又指在行业监管法规日益增加的情况下,游戏商由追求发行速度,至改为专注提升游戏品质,促使市场发展得更健康。该行预期腾讯今年手机游戏收入可增长56%,明年增幅则达约15%至19%。
该行又指,腾讯的广告业务发展前景良好,综合广告解决方案客户覆盖面更广泛,由每千次40元人民币、较高收费的微信朋友圈广告展示,以至数元人民币的手机广告都有,惟管理层亦表示由於产品多元化,广告毛利率存在不确定性,其中手机广告的贡献不断增加,令利润下行压力不断增大。
当局针对互联网企业发布反垄断指南起草案,高盛认为随着全球互联网公司的影响力越来越大,反垄断规则指南是顺应趋势自然而然的监管,公司亦表明对业务及投资组合不会带来重大不利影响,因此维持目标价705元及「买入」评级不变。
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