大行評級丨招銀國際:監管風險未除,騰訊(0700.HK)股價低位料約於402港元
格隆匯8月17日丨騰訊(0700.HK)將於明天公佈中期業績,招銀國際發研報稱,:估計第二季收入/盈利同比增18%/8%,較市場預期略低2%/1%,其中增值服務/廣吿/其他收入料同比升11%/21%/32%,相信遊戲增長放緩和利潤率下跌已被市場充份預期,目前憂慮集中於監管的不明朗,包括防止未成年人沉迷網絡遊戲、税率改變和反壟斷。短期內監管風險令行業氣氛疲弱,或將令股價受壓。若以過往估值低位24倍預測市盈率推算,騰訊的股價低位料約於402港元。下調21-23年盈利預測8%-11%,以反映投資增加和税率可能上調,目標價下調至640港元,維持“買入”評級,仍看好其長線增長前景和盈利能見度。注:騰訊現跌超4%報435.4港元,市值4.17萬億港元。
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