《大行報告》花旗下調騰訊(00700.HK)目標價至689元 評級「買入」
花旗發表的研究報告指,騰訊控股(00700.HK)次季收入按年升20%符預期,而盈利則按年升13%勝預期,踏入下半年該行相信考慮到多項監管因素將影響線上廣告收入,公司收入增長將顯著減慢,另外料金融科技收入或減慢,而主要遊戲延遲推出或令遊戲收入增長放慢,加上策略招聘人才等,估計淨利增長將受更大壓力。管理層指出了對監管方面的憂慮,但重申公司完全遵循所需的監管條件,同時預期監管增加,政府目標是培養長期、可持續及健康的經營環境,尤其互聯網行業已成為國家經濟及社會重要一環,管理層料隨著時間公司將受惠於市場有序發展。在調整估算後該行將公司目標價由772元降至689元,評級維持「買入」。
該行將公司2021至2023年收入及每股盈測微調,以反映線上廣告、遊戲及金融科技增長減慢,估計手遊收入第三季將按年升11%至436億元人民幣,而線上廣告將跌0.4%,社交廣告則升0.7%,另外媒體廣告料跌6%,金融科技與商業服務(FBS)則升28%。
在線上廣告方面,針對教育行業的監管及彈屏廣告供應減少等料將為下半年線上廣告收入帶來負面影響,而宏觀環境轉弱及消費者活動減慢等亦影響廣告氣氛,不過管理層估計其他廣告商會逐步填補教育廣告遺下的缺口,另外小程序及進一步變現視頻號等亦可支持微信內的廣告需求。
監管方面,管理層再次重申相信政府目標是找出並整改不合適的行為,同時希望企業守規並負起社會責任,騰訊已推出嚴格的措施防止未成年人玩遊戲,同時不會在目標廣告方面出賣客戶數據。
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