《大行报告》汇丰研究下调腾讯(00700.HK)目标价至796元 料推广支出增加
汇丰研究发表的报告指,腾讯(00700.HK)去年第四季业绩大致符预期,而焦点转向了社会责任及应对监管方面的转变。该行估计盈利增长今年会加快,在现时的竞争环境下将变得吸引,维持对公司「买入」评级,目标价由854元降至796元。
该行指出留意到腾讯的策略焦点转向社会责任及应付监管转变,认为重点将是未来公司竞争优势会如何转变,加上市场会挑选具高质素盈利增长的企业,考虑到公司盈利增长今年将持续加快,或会受到市场欣赏。未来的催化剂包括视频号账户进展及新功能、潜在爆款游戏推出、小程序变现步伐等,该行将公司2021/22年盈利预测降2%及3%,主要考虑销售及推广开支增加。
在游戏业务方面该行指出国际游戏贡献公司四分一收入,其中PUBG仍然是海外最受欢迎的游戏,而英雄联盟用户手游版用户基础亦强劲。王者荣耀画质升级估计影响有限,而Sensor Tower数据亦显示游戏首季营收维持稳健。在游戏主机方面,公司售出100万只Switch游戏。
该行指出视频号用户及用户使用时间亦有健康增长,认为已成功自其他内容平台吸纳创作者,并将流量由公众渠道转向私人渠道,估计可更有效吸纳创作人及管理客户等,而社交广告收入增长25%亦主要受惠朋友圈及游戏广告收入需求强劲。
在金融科技方面,公司将优先处理风控问题,并将质量放在规模前,管理层亦重申其策略为与监管机构和行业夥伴紧密合作,提供合规、普惠的产品。(el/u) ~
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