《大行報告》瑞銀下調騰訊(00700.HK)目標價至800元 料監管風險可控
瑞銀發表報告表示,指騰訊(00700.HK)上季網遊及廣告業務增長鞏固,料監管風險可控,仍然相信騰訊屬內地互聯網行業的核心持股之選,雖然公司面臨監管及競爭風險持續上升,但料騰訊所面臨的相關風險仍較同業較低,指公司一向採取保守策略推進業務變現,例如提供遊戲內購買及根據用戶數據出售廣告等,而騰訊亦未直接參與社區團購業務。
該行指,重申對騰訊「買入」評級,下調對其目標價由830元降至800元,此相當今明兩年預測市盈率各43倍及34倍,指騰訊估值已處歷史區間較高水平,料其2020年至2023年每股盈利的複合增長率為28%,對比其2017年至2020年每股盈利的複合增長率25%。該行並下調騰訊2021至2023年各年每股盈測分別6%、5%及7%。
瑞銀料騰訊今年首季旗下手遊業務會呈放慢,因去年首季基數較高,但相信於今年下半年將會重拾增長。
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