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《大行報告》大摩:騰訊(00700.HK)稱密切關注成立金融控股公司提議 料保守管理可緩減風險
阿思達克 04-01 11:27
摩根士丹利發表報告表示,參與了騰訊(00700.HK)投資者會議,公司管理層分享了旗下「視頻號」及電商業務藍圖,並將密切關注有關成立金融控股公司的監管提議,該行認為騰訊相對保守的金融科技風險管理方法,可緩解相關行業風險。該行給予目標價820元,評級「增持」。

該行引述騰訊管理層指,內地近期的行業監管變化,從長遠來看對行業是有利的,並將密切關注有關成立金融控股公司的監管提議。而騰訊認為數據是數字經濟發展的關鍵部分,將優先考慮保護用戶隱私和體驗。

就「視頻號」業務方面,騰訊強調,視頻帳戶的DAU(日活躍用戶)在推出後一年以來快速增加。騰訊認為不能單獨評用戶使用時間,因視頻帳戶是建立在微信生態系統中,並且是對官方帳戶自然延伸。從內容創建者反饋表明,視頻帳戶獲得的關注者的質量要好於其他競爭對手,顯示微信用戶的指標具有競爭力。該公司將專注於通過內容豐富來增強用戶參與度,並希望達到1:2:10的理想流量分配,以進行積極的關注、朋友推薦及饋送推薦,並指貨幣化不會是「視頻號」近期發展重點。

至於電商方面,旗下小程序於去年商品交易總額(GMV)已達1.6萬億人民幣,佔中國網上零售額逾13%。與傳統的電子商務公司不同,騰訊正在通過廣告和收費收取率來獲利。該行相信,騰訊通過這種方式,商家可於管理私有域流量並更有效地轉換銷售,這對騰訊的長期收入增長預示良好。騰訊一直在加強生態系統內的集成,其中微信支付為數以千萬計的商戶提供支持,而WeCom為550萬企業提供服務。

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