《大行報告》摩通料騰訊(00700.HK)遊戲業務增長潛力厚 2021至22年網遊收入複合增長率18%
摩通發表的研究報告指,騰訊控股(00700.HK)是全球收入規模第一的線上遊戲企業,估計公司遊戲業務有強勁增長潛力,相信海外市場屬「藍海市場」,公司可進一步搶佔市場份額。在現有遊戲,例如是《PUBG Mobile》、《英雄聯盟手遊版》等,變現方面仍有提升空間。而在內地市場,公司有龐大的用戶基礎,相信隨著遊戲品種擴張亦有變現的上行空間,料用家會由低ARPU的小遊戲轉向高ARPU的遊戲,相信將帶動平台整體ARPU提升,故料騰訊線上遊戲收入在2021-22年的年複合增長可達18%。
在海外業務方面,該行估計騰訊在未來數年將繼續擴張,而公司透過自家培育及股權投資等成功建立世界級的遊戲開發能力,估計來自五至六款國際遊戲的單季收入佔整體收入25%,或手遊收入的30-35%,並料海外佔比到2023年將升至40-50%。
在本地市場方面,該行指出公司在內地市佔約五成,滲透不同類型的遊戲,不過在變現比例較高的遊戲中騰訊市佔率則少於兩成,反映公司有潛力發掘機遇提升平台ARPU。該行維持對騰訊「增持」評級,目標價655元。(el/u) ~
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