《大行報告》花旗下調騰訊(00700.HK)目標價至772元 評級「買入」
花旗發表的研究報告指,騰訊(00700.HK)將於8月18日公佈次季業績,考慮到近期行業發展及監管勢頭,相信線上廣告收入增長將會受線上教育廣告預算規模縮減拖累,而金融科技方面的收入增長亦會受支付提成率放緩及非金融科技收入減慢所影響。該行認爲次季遊戲及娛樂收入將現受季節性因素影響,加上未有新的視頻內容推出。
踏入下半年,該行估計遊戲產品線強勁,加上有可能推出《英雄聯盟》手遊將有利支撐手遊收入增長穩健,不過在線上廣告及金融科技業務上的障礙仍會影響到其收入增長,而在遊戲、企業服務及視頻內容上投資增速加快亦會令盈利增長減慢。調整估算後,該行將公司目標價由808元降至772元,維持「買入」評級,即使短期面對行業及監管因素,相信其長遠基本面維持穩健。
該行將公司2021至2023年收入及按非通用會計準則計算的淨利預測下調,並將次季的收入及淨利預測分別降1.5%及1.2%,以反映線上廣告等收入增長減慢。
該行現時估計次季公司收入將爲1,357億元人民幣(下同),按年升18.1%,按季則升0.3%,而按非通用會計準則的淨利則爲324億元,維持手遊及社區收入增長預測,但就將社交及媒體廣告收入預測分別降5%及4%。
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