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《大行報告》大摩上調騰訊(00700.HK)目標價至720元 評級「增持」
阿思達克 01-18 11:03
摩根士丹利發表研究報告,預期騰訊(00700.HK)去年第四季收入錄1,292億元人民幣,按年增長22%或按季增3%,較市場預期低2%,以反映公司手機遊戲及金融科技業務正常化。以非通用會計準則計算的營運溢利則錄374億元人民幣,按年增長23%或按季跌2%,較市場預期為低。

另外,該行料騰訊上季增值服務收入料錄661億元人民幣,按年增長26%。當中,手機遊戲按年增39%,較去年首九個月的按年增60%情況正常,反映出自Supercell在2019年度第四季合併後所帶來的艱難業績,以及和遞延收入減少。從正面的角度來看,該行看到公司新遊戲發行的健康勢頭,例如《天涯明月刀》、《英雄聯盟:激鬥峽谷》及《決勝時刻:Mobile》,這些遊戲對公司的原有遊戲蠶食程度有限。

雖然時間表仍不確定,但《地下城與勇士》手遊的測試服務器最近重新開放,及Android渠道中較低收入份額的遊戲的潛在毛利率利好因素,均為公司提供較佳可持續增長前景。大摩上調騰訊目標價由原來的650元升至720元,此相當今年非通用會計準則市盈率38倍,維持投資評級「增持」。

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