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《大行報告》大摩料網易(09999.HK)首季收入升19% 料520新遊戲發布會可成催化劑
阿思達克 04-23 10:18
摩根士丹利發表報告表示,料網易(09999.HK)(NTES.US)今年首季收入202.78億元人民幣,按季升3%及按年升19%、估計旗下遊戲業務收入147.28億人民幣按季升10%及按年升9%(低於市場同業預期2%),料網易首季非公認會計準則下經營淨利潤錄45億人民幣,按季升23%及按年則跌13%(低於市場同業預測9%),料經營溢利率22%(按季升4個百分點;按年跌8個百分點)。

該行指,對網易首季業績預測較市場同業為低,指其今財年首三財季會面臨較高基數,但基於網易520(於5月20日舉行)新遊戲發布會可成正面催化劑,估計今年將是由網遊業務推動的一年,料明年才會潛在分拆音樂業務上市。

大摩對網易美股「增持」評級及目標價150美元,指其旗下網遊業務估值僅相當於預測2022年市盈率17至18倍,在全球同業估值最便宜之一。該行料網易今年首季非公認會計準則下純利41.49億人民幣,按年跌1.5%及按季升160%,料純利34.81億人民幣按年跌2%(按季升257%)。

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