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《大行报告》野村下调腾讯(00700.HK)目标价至780元 评级「买入」
阿思达克 03-25 10:16
野村发表研究报告,指腾讯(00700.HK)去年收入增长26%,符预期,非标准会计准则之利润率为25.3%,较预期低1.2个百分点,主因毛利较低,以及研发及一般开支较高所致。非标准会计准则之每股盈利为3.41元人民币,升29%,大致符预期。下调今明两年收入预测分别1%及2%,每股盈利预测则上调2%及3%,目标价由864元降至780元,评级维持「买入」。

该行指,线上游戏收入意外地较低,管理层指线上游戏收入在第四季下跌,主因季节性因素,但疫情期间的正面影响逐渐减弱。国际市场的线上游戏收入增43%,占整体游戏收入约21%,高於2019年第四季的19%。预期今年手游收入增长会放慢,主因基数效应。

该行又指,金融科技和云业务表现胜预期,主因支付和财富管理增长带动,管理层指贷款业务由旗下WeBank负责,其已经受银行业监管。

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