《大行報告》美銀證券降騰訊(00700.HK)目標價至662元 評級「買入」
美銀證券發表研究報告,指騰訊(00700.HK)將於周三(18日)收市後公布次季業績,在中共百周年黨慶前夕,留意到長劇集主要內容及手遊發布日程相對緩慢,該行料騰訊次季收入按年升19.8%至1,380億元人民幣;該行料騰訊在收入組合變動下,次季國際會計準則計毛利率按季溫和跌至45%;假設投資收益較少,料國際會計準則計經營溢利率25%;料國際會計準則計經營溢利及經調整經營溢利分別350億及390億元人民幣。
報告稱,阿里(09988.HK)及搜狐(SOHU.US)近期均表示附屬或將失去獲優惠稅率資格。美銀證券上調騰訊今年下半年至2023年稅率預測由13%升至18%,以反映有關趨勢。報告稱,騰訊亦收緊未成年人手遊「課金」限制,以及引入人臉識別技術以防止未成年人取用成年人帳戶繞過限制。考慮潛在影響,該行下調騰訊2021至2023年網遊銷售預測2%至5%;計及稅率因素等,下調騰訊2021至2023年每股盈測5%至9%,目標價由741元降至662元,以反映騰訊主業盈利增長放慢,維持評級「買入」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.