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《大行報告》瑞信下調騰訊(00700.HK)目標價至750元 評級「跑贏大市」
阿思達克 05-21 09:50
瑞信發表的研究報告指,騰訊控股(00700.HK)首季收入1,337億元人民幣(下同),按年升25%,表現符預期,經調整溢利按年升22%至331億元則稍遜預期,主要受聯營虧損及少數股權投資拖累。

期內手遊收入表現勝預期,在去年基數較高的情況下仍按年增長19%,旗艦遊戲表現維持強勁,而線上廣告收入表現則符預期,按年增長23%,主要受惠社交廣告按年增長27%,而廣告毛利率則差過預期,主要因為產品組合轉向流動網絡廣告。期內金融科技及企業服務表現好過預期,增長加快至47%,主要由於支付業務勢頭強勁,同時雲服務亦見反彈。

管理層計劃將部分盈利用於再投資,以捕捉結構發展機遇,並將投資於商業服務、線上遊戲及短視頻,意味2021財年經調整溢利的增長將限於22%水平,該行將公司2021-22年預測降5%及4%以反映相關因素。

短期而言,該行認為市場預測應有所下降,以反映騰訊的投資及變現減慢,但相信不會影響到公司在遊戲產品線及微信生態圈變現的長遠潛力。該行將其目標價由800元降至750元,評級維持「跑贏大市」。(el/k) ~

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