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瑞信:維持騰訊(0700.HK)跑贏大市評級 目標價750港元
格隆匯 05-21 13:18

瑞信發表研究報吿表示,維持騰訊(0700.HK)跑贏大市評級,目標價750港元。

報吿指,騰訊首季的業績合符預期,並會加大投資推動長期增長。儘管去年基數較高,首季手遊收入按年增長19%,勝預期,由於旗艦遊戲持續的強勁勢頭。在線廣吿業務收入按年增23%,符合預期,受惠社交媒體的強勁增長;但廣吿的毛利率遜預期,因廣吿轉向移動網絡;受強勁的支付業務驅動,金融科技和商業服務收入增長47%。

該行指,管理層計劃將部分利潤進行再投資,捕捉結構性機會,重點領域在商業服務、在線遊戲、短片視頻,意味着2021財年經調整盈利增長將限制在22%以內,考慮相關因素後,將2021-22年的盈利預測削減5%及4%。 該行指,由於投資及盈利變現的緩慢,認為近期市場對騰訊的收入預測或下降,但這不會影響騰訊的遊戲的長期潛力,微信生態系統變現化的空間。

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