《大行報告》野村下調騰訊(00700.HK)目標價至780元 評級「買入」
野村發表研究報告,指騰訊(00700.HK)去年收入增長26%,符預期,非標準會計準則之利潤率為25.3%,較預期低1.2個百分點,主因毛利較低,以及研發及一般開支較高所致。非標準會計準則之每股盈利為3.41元人民幣,升29%,大致符預期。下調今明兩年收入預測分別1%及2%,每股盈利預測則上調2%及3%,目標價由864元降至780元,評級維持「買入」。
該行指,線上遊戲收入意外地較低,管理層指線上遊戲收入在第四季下跌,主因季節性因素,但疫情期間的正面影響逐漸減弱。國際市場的線上遊戲收入增43%,佔整體遊戲收入約21%,高於2019年第四季的19%。預期今年手遊收入增長會放慢,主因基數效應。
該行又指,金融科技和雲業務表現勝預期,主因支付和財富管理增長帶動,管理層指貸款業務由旗下WeBank負責,其已經受銀行業監管。
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