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《大行报告》花旗下调腾讯(00700.HK)目标价至808元 料未来数季广告收入增长放缓
阿思达克 04-19 12:25
花旗发表报告表示,重申对腾讯(00700.HK)「买入」投资评级,决定下调对其目标价由834元降至808元,此按综合方式作估值,相当於动态市盈率1.2倍及料其2021年至2023年盈利复合增长率29%预测,以反映下调对其盈利预测因素,料在行业监管压力下,市场对腾讯采谨慎情绪可能会持续,但该行相信公司的长线基本面仍然巩固。

就腾讯将於5月20日公布今年首季业绩,基於公司去年首季旗下手游收入基础较高已被市场预期,料盈利及毛利於第二季会趋合理。基於服装品牌和在线教育提供商谨慎的广告预算支出,以及某些综艺节目和电视剧的播出时间不确定,可能会压低腾讯未来几个季度的广告收入增长。

花旗估计腾讯今年首季收入1,315亿人民币按年升21.7%(按季跌1.6%),估计其非通用会计准则纯利314亿人民币(对比市场同业料358亿人民币),按年升16%及净利润率23.9%,估计其纯利258亿人民币。

该行预计腾讯旗下手游和社交广告的较高基础部分,抵消了广告和金融科技与商业服务(FBS)、媒体广告收益,该行料腾讯首季手游收入按年增长18%预测属合理。

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