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大和:重申騰訊(0700.HK)買入評級 升目標價至850港元
格隆匯 01-28 12:41

大和發表研究報吿表示,騰訊(0700.HK)的遊戲業務或會因減低應用程式商店的使用率而獲得更多利潤,加上微信生態系統漸見有更高的變現潛力,故重申對其買入評級,並將目標價由700港元升至850港元。

大和預期,中國手遊行業的整體應用商店佣金將逐漸下降,將有利騰訊利潤上升及令遊戲業務毛利率增加,並認為相關收益足以抵銷其第三方Android應用商店的潛在佣金減少。該行又指,管理層料去年微信小遊戲變現按年增長18%,不排除騰訊將通過收購知名遊戲工作室來進一步擴大其遊戲業務,故預期公司今、明兩年手遊收入分別增長21%及15%。

該行又指,騰訊旗下微信小程式去年總成交總額增長逾100%至約1.6萬億元人民幣,反映商户在微信上開設商店的需求持續增長,相信可進一步推動騰訊社交廣吿業務的收入增長。該行上調騰訊今、明兩年利潤預測1至3%,以反映遊戲業務有較高毛利率的預期。

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