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《大行報告》中信証券料騰訊(00700.HK)上季非通用準則多賺逾38% 上望742元
阿思達克 01-15 14:48
中信証券發表報告表示,認為騰訊(00700.HK)在遊戲、廣告及支付業務仍有較大提升空間,遊戲端、競技類遊戲支撐遊戲業務增長,新遊戲儲備豐富貢獻增長彈性,社交網絡業務中,直播、長視頻、音樂等業務有望迎來付費率和ARPU提升。微信交易生態驅動公司旗下金融業務持續增長,同時企業服務盈利能力有望持續提升。

該行看好騰訊作為內地互聯網巨頭的成長性和盈利能力,經過測算該行認為騰訊潛在市值提升空間料可達至6.4萬億人民幣,維持「買入」評級,目標價742港元,該行予騰訊遊戲業估值2.26萬億人民幣(相當預測市盈率25倍)、予騰訊旗下金融業務估值1.9萬億人民幣(相當市銷率15倍)。

中信証券料騰訊去年第四季營業收入可達1,348億人民幣,按年升27.5%,其中網遊、社交網絡、廣告及金融科技及企業業務營收可各達433.22億、284.08億、247.52億及353.4億人民幣,分別按年升43%、29%、22.4%及18.1%,料公司毛利率基本維持穩定,估計騰訊2020年第四季純利錄406.78億人民幣,按年升88.5%,主要是由於公司營收保持較高增速,以及公司錄得強勁的投資收益增長,估計公司非通用會計準則純利352.78億人民幣,按年升38.4%。

該行指,上調對騰訊2020年非通用會計準則純利預測由1,244億元升至1,248億元人民幣,升2021年非通用會計準則純利預測由1,460億元升至1,480億元人民幣、調高2022年非通用會計準則純利預測由1,758億元升至1,779億元人民幣。

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