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《大行报告》瑞银下调腾讯(00700.HK)目标价至800元 料监管风险可控
阿思达克 03-25 08:59
瑞银发表报告表示,指腾讯(00700.HK)上季网游及广告业务增长巩固,料监管风险可控,仍然相信腾讯属内地互联网行业的核心持股之选,虽然公司面临监管及竞争风险持续上升,但料腾讯所面临的相关风险仍较同业较低,指公司一向采取保守策略推进业务变现,例如提供游戏内购买及根据用户数据出售广告等,而腾讯亦未直接参与社区团购业务。

该行指,重申对腾讯「买入」评级,下调对其目标价由830元降至800元,此相当今明两年预测市盈率各43倍及34倍,指腾讯估值已处历史区间较高水平,料其2020年至2023年每股盈利的复合增长率为28%,对比其2017年至2020年每股盈利的复合增长率25%。该行并下调腾讯2021至2023年各年每股盈测分别6%、5%及7%。

瑞银料腾讯今年首季旗下手游业务会呈放慢,因去年首季基数较高,但相信於今年下半年将会重拾增长。

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