《大行報告》摩通下調心動(02400.HK)評級至「中性」 升目標價至42元
摩根大通發表報告表示,下調心動(02400.HK)投資評級,由「減持」降至「中性」,指今年以來股價已累升102%(對比MSCI中國指數同期升17%),主要是市場憧憬TapTap可成內地主要遊戲平台之一,但該行相信心動目前估值(相當預測2022年市盈率48倍),已反映市場預期,並高於同業騰訊(00700.HK)(32倍)、網易(09999.HK)(25倍)、Archosaur(10倍)、中手游(00302.HK)(10倍)等。
該行指,心動旗下TapTap撇除網遊業務後的月度每名活躍用戶(MAU)價值估值達215美元,為虎牙(HUYA.US)及斗魚(DOYU.US)各5倍及8倍,料未來有估值下行壓力,因料TapTap去年MAU增長較市場預期為弱。
摩根大通將心動目標價由38元升至42元,因對其估值延伸至2022年,相當於預測今明兩年市盈率25倍及22倍。
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