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《大行报告》大摩:腾讯(00700.HK)称密切关注成立金融控股公司提议 料保守管理可缓减风险
阿思达克 04-01 11:27
摩根士丹利发表报告表示,参与了腾讯(00700.HK)投资者会议,公司管理层分享了旗下「视频号」及电商业务蓝图,并将密切关注有关成立金融控股公司的监管提议,该行认为腾讯相对保守的金融科技风险管理方法,可缓解相关行业风险。该行给予目标价820元,评级「增持」。

该行引述腾讯管理层指,内地近期的行业监管变化,从长远来看对行业是有利的,并将密切关注有关成立金融控股公司的监管提议。而腾讯认为数据是数字经济发展的关键部分,将优先考虑保护用户隐私和体验。

就「视频号」业务方面,腾讯强调,视频帐户的DAU(日活跃用户)在推出後一年以来快速增加。腾讯认为不能单独评用户使用时间,因视频帐户是建立在微信生态系统中,并且是对官方帐户自然延伸。从内容创建者反馈表明,视频帐户获得的关注者的质量要好於其他竞争对手,显示微信用户的指标具有竞争力。该公司将专注於通过内容丰富来增强用户参与度,并希望达到1:2:10的理想流量分配,以进行积极的关注、朋友推荐及馈送推荐,并指货币化不会是「视频号」近期发展重点。

至於电商方面,旗下小程序於去年商品交易总额(GMV)已达1.6万亿人民币,占中国网上零售额逾13%。与传统的电子商务公司不同,腾讯正在通过广告和收费收取率来获利。该行相信,腾讯通过这种方式,商家可於管理私有域流量并更有效地转换销售,这对腾讯的长期收入增长预示良好。腾讯一直在加强生态系统内的集成,其中微信支付为数以千万计的商户提供支持,而WeCom为550万企业提供服务。

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