《大行报告》大和下调腾讯(00700.HK)目标价至700元 评级「买入」
大和发表研究报告,指近日与腾讯(00700.HK)首席策略官James Mitchell对话,管理层相信公司在长远自然增长,及并购方面的策略变动有限,将继续投资中小型企业少数股权。虽然目前有额外的监管要求实施,不过提供更公平的竞争环境,亦有助公司开拓新业务的机会。
该行指,预期未来批出的游戏,将推动网上游戏收入增长,料明年收入按年增长15%,管理层亦维持对公司长远增长的信心。公司的月活跃用户人数改善,亦有助推动货币化,但预期减少中国第三方应用程式的收费,有助改善毛利,而中美关系或相关的制裁措施,料亦不会对公司有明显影响。
该行升公司2020-22年收入和盈利预期1-2%,重申「买入」评级,目标价则由710元降至700元。
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