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《大行報告》野村:限打機對網易(09999.HK)影響細 惟下調目標價至195元
阿思達克 09-01 10:54
野村發表研究報告稱,網易(09999.HK)第二季業績更為強勁,加上推出兩個膾炙人口的手機遊戲,包括《永劫無間》及《哈利波特:魔法覺醒》,重申在上述近期催化劑下,對該股繼續看好。 野村指計及網易的回購計劃,假設今年全年動用10億美元回購股份,連同季度派息,該股現金息率達3%,該行認為回報率吸引。 報告解構近期的政策風險,雖然內地限制未成年玩家打機,惟網易指目前未成年玩家相關收入佔遊戲總收入僅1%,較該行預期的2%至3%更低。在嚴格限制出台後,該行預期,線上遊戲行業料不受到其他互聯網板塊規管措施所影響。報告預期網易遊戲總收入今年下半年按年升20%,較上半年年增8%加快。 基於新業務收入預測下調,和新政策限制影響,該行分別下調網易2021年及2022年全年不計及有道的核心收入預測2%,維持「買入」評級,將目標價由216元調低至195元。
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