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《大行報告》高盛引述騰訊(00700.HK)料明年網遊管道強勁 指反壟斷指南對業務影響有限
阿思達克 11-26 14:30
高盛發表報告指,與騰訊(00700.HK)管理層於路演活動溝通後,重申對騰訊的積極正面看法。

報告指出,騰訊管理層透露明年將推出不少備受關注的遊戲,包括3款根據知名電腦遊戲改編的手機遊戲,因此對明年的遊戲收入增長勢頭充滿信心,又指在行業監管法規日益增加的情況下,遊戲商由追求發行速度,至改為專注提升遊戲品質,促使市場發展得更健康。該行預期騰訊今年手機遊戲收入可增長56%,明年增幅則達約15%至19%。

該行又指,騰訊的廣告業務發展前景良好,綜合廣告解決方案客戶覆蓋面更廣泛,由每千次40元人民幣、較高收費的微信朋友圈廣告展示,以至數元人民幣的手機廣告都有,惟管理層亦表示由於產品多元化,廣告毛利率存在不確定性,其中手機廣告的貢獻不斷增加,令利潤下行壓力不斷增大。

當局針對互聯網企業發布反壟斷指南起草案,高盛認為隨著全球互聯網公司的影響力越來越大,反壟斷規則指南是順應趨勢自然而然的監管,公司亦表明對業務及投資組合不會帶來重大不利影響,因此維持目標價705元及「買入」評級不變。

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