《大行報告》大和下調騰訊(00700.HK)目標價至700元 評級「買入」
大和發表研究報告,指近日與騰訊(00700.HK)首席策略官James Mitchell對話,管理層相信公司在長遠自然增長,及併購方面的策略變動有限,將繼續投資中小型企業少數股權。雖然目前有額外的監管要求實施,不過提供更公平的競爭環境,亦有助公司開拓新業務的機會。
該行指,預期未來批出的遊戲,將推動網上遊戲收入增長,料明年收入按年增長15%,管理層亦維持對公司長遠增長的信心。公司的月活躍用戶人數改善,亦有助推動貨幣化,但預期減少中國第三方應用程式的收費,有助改善毛利,而中美關係或相關的制裁措施,料亦不會對公司有明顯影響。
該行升公司2020-22年收入和盈利預期1-2%,重申「買入」評級,目標價則由710元降至700元。
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