交银国际:看好视频号潜在增长空间 维持腾讯(0700.HK)买入评级
交银国际发表报告表示,预计腾讯(0700.HK)2021及22年收入分别增长23%及19%,净利润增长19%及22%,主要由于持续的技术、内容的投入以及对用户活跃度的营销投入,该行将腾讯目标价由873港元,下调至860港元,维持买入评级,看好视频号的潜在增长空间。
报告指,腾讯去年第四季度收入1337亿元人民币,按年增26%,调整后每股盈利为3.44元,按年增30%,较市场预期的1330亿元及3.52元为佳。不过,游戏收入低于该行预期,主要由于去年上半年疫情的正面影响减弱,广告收入高于预期11%,来自微信生态广告解决方案的带动以及易车收入合并。毛利率及调整后净利率分别为44%及25%,与该行预期一致。
报告预计,今年第一季度,收入1360亿元人民币,按年增长26%,社交、游戏、金融及云/广告分别按年增长26%、17%、42%及29%,主要由于游戏旺季,例如王者荣耀的更新,以及支付及广告业务去年同期的低基数带动,并估计调整后净利润为349亿元人民币,按年增29%,利润率25.7%。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.