《大行報告》大摩降騰訊(00700.HK)目標價至720元 評級「增持」
摩根士丹利發表的研究報告指,預期騰訊控股(00700.HK)次季按非國際財務報告準則收入將為1,363億元人民幣(下同),按年升19%,較市場預期低3%,該行估計增值服務收入將為720億元,按年升12%,主要因為次季手遊增長勢頭減弱至13%。該行估計公司廣告收入將按年升21%,對媒體廣告短期前景看法審慎,料金融科技及企業服務收入將升33%,主要受惠行業雲升級帶動,料期內經營溢利將升4%至390億元。
大摩維持對公司全年展望大致不變,維持全年收入增長預測21%,估計增值服務及雲服務勢頭仍在正軌上,不過部分被廣告前景所拖累,估計來自教育廣告方面的影響在下半年將較明顯。大摩繼續預期公司經營溢利及淨利將分別按年升12%及10%,料騰訊將聚焦於再投資在企業服務、遊戲及短視頻方面。
在監管層面,該行認為近期監管機構叫停遊戲串流業務合併,但就批准以35億美元私有化搜狗,反映監管方面的發展是視乎個別個而定,最近新聞指有機會與阿里(09988.HK)一同開放生態系統,相信有助減少部分反壟斷風險,認為騰訊在內地互聯網行業內相對有彈性。該行維持對公司「增持」評級,目標價由800元降至720港元。(el/a) ~
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