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《大行報告》大和下調網易(09999.HK)目標價至205元 評級「買入」
阿思達克 09-01 14:26
大和發表的研究報告指,網易(09999.HK)將有多款新遊戲在2021年尾推出,相信遊戲業務的評級被過度下調。該行指出網易次季線上遊戲收入差過預期,主要因為部分遊戲推出延遲以及有道在監管方面亦受影響,估計將影響到下半年的收入,不過受監管消息影響股份已過度下挫,估計其遊戲業務其實大致未受影響,假如新遊戲推出獲好評將成重估的強勁催化劑。 該行認為應放眼環球遊戲市場,次季公司遊戲收入僅升5%,當中手遊升5%,而PC遊戲則升6%。基於該行估算,估計弱勢持續至7月份,故將公司下半年遊戲收入預測下調,以反映新遊戲延遲的影響。 該行相信針對課後補習的新規將在未來12個月影響到網易的收入,故將公司2021-23年收入和盈利預測分別下調8-11%及3-11%,但相信監管憂慮已過度反映,而公司在遊戲產品線及海外擴張等亦強勁,重申予「買入」評級,目標價由250元降至205元。(el/u) ~
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