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富瑞:維持騰訊(0700.HK)買入評級 目標價755港元
格隆匯 04-19 13:17

富瑞發表研究報吿指,騰訊(0700.HK)內容事業羣(PCG)新一輪組織調整料將可進一步釋放多種內容格式,而視頻化是行業主要趨勢,騰訊將加強其生態系統,並通過在微信生態圈的協同作用,為廣吿客户提供高投資回報率。考慮到投資的業務策略和近期的廣吿趨勢,預期騰訊首季總收入及非國際財務報吿準則(non-IFRS)純利均合符該利預期,故維持買入評級,目標價為755港元。

富瑞表示,騰訊正加強視頻策略,預期短視頻和長視頻將產生更多協同;另外,PCG在2018年成立,目標是融合社交和內容服務。而騰訊於2019年曾指出,重組PCG旨在增加其短內容及加強高瑞內容的能力。

該行又預期,騰訊首季總收入將按年增長24%至1338億元人民幣,其中手遊收入料增長10%至404億元人民幣,主要歸功於有利的季節性因素及玩家付費和消費意願增強,惟認為付費率及ARPU仍有很大上升空間。廣吿業務方面,估計首季線上廣吿收入按年升24%至220億人民幣,至於金融科技及企業服務收入則按年增長40%至370億元人民幣。

該行又預期,騰訊首季non-IFRS經營盈利按年升21%至428億元人民幣、non-IFRS純利升21%至328億元人民幣;另外,該行又調整全年整體在線廣吿增長預測,以反映今年教育板塊開支及視頻廣吿前景的不確定性。

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