《大行報告》匯豐研究上調騰訊(00700.HK)目標價至854元 評級「買入」
匯豐研究發表的報告指,騰訊控股(00700.HK)將在3月份公布第四季業績,該行估計公司收入及經調整溢利將分別按年升26%及18%,廣告方面相信將有上行驚喜。而《王者榮耀》表現維持健康,《和平精英》及來自Supercell的營收則料分別按季跌28%及17%,《天涯明月刀》方面則較該行預期弱30%,故該行將公司去年第四季手遊收入預測降12%,但對2021年的遊戲產品線看法樂觀,料將有43款遊戲推出,當中有27款已獲版號,相信其生態系統亦有變現機會,將2021/22年盈利預測分別升3%及6%,目標價由691元升至854元,評級維持「買入」。
該行指出去年12月公司小程序日活躍用戶逾4億人,而活躍程度及交易亦有改善,在微信支付分方面用戶逾2.4億,而螞蟻則有5億戶。值得留意的是搜一搜的月活躍用戶逾5億戶,接近百度的水平,企業微信則服務550萬戶企業及1.3億用戶,小遊戲月活躍用戶由2018年的4億戶增至5億戶。
另一方面,受惠微信日活躍用戶達10.9億,視頻號可更好定向並擁低成本流量,此外留客方面亦較有效,因為過去五年微信視頻消費增長強勁,由於具社交功能故內容增長方面亦快過同業,此外公司內容成本亦較低,估計收入機遇將來自直播、廣告及支付等。
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