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《大行報告》摩通料騰訊(00700.HK)網遊業務風險可控 料未來一至兩季股價區間上落
阿思達克 09-17 10:37
摩根大通發表報告表示,上週曾與騰訊(00700.HK)管理層舉行投資者會議,該行認爲公司旗下網遊業務所面臨的監管風險屬可控,並料內地執行《個人信息保護法》對騰訊的影響會較以廣告爲重心的同業爲小。該行引述騰訊管理層指會平衡平臺開放與守門人的職責。管理層表示,指開放予其他平臺更多樣化服務,將有利於騰訊的生態系統,但指導原則是平衡產品與用戶體驗。騰訊表示已經向阿裏巴巴旗下淘票票(網際網路售票業務平臺)和盒馬(從事生鮮食品雜貨業務)等開放了平臺。 該行認爲騰訊旗下網遊業務所面臨的監管風險屬可控,指18歲以下未成人用戶的遊戲收入約佔其內地遊戲收入的6%,騰訊管理層稱不太擔心失去對年輕用戶的長期吸引力,因爲公司提供了廣泛的娛樂來吸引18歲以上或以下的年輕人用戶。 就監管機構的新重點是打擊非法成人賬戶交易活動,騰訊管理層指此爲公司一直所倡導的。該行認爲在遊戲直播中的非理性遊戲行爲和小費行爲等大量的貨幣化做法,可能會在短期內受到更嚴格的監管。儘管如此,該行認爲騰訊受到相關貨幣化機制的影響並不明顯。 摩通估計騰訊於今年下半年財務前景將會減弱,但指其基本面仍健康。在遊戲方面,雖然關鍵遊戲延遲發佈對短期收入構成不利,但相關內容已基本準備就緒,關鍵遊戲已經獲得相關貨幣化批準;在廣告方面,關鍵廣告類別疲軟和監管收緊可能會公司導致下半年收入增長放緩,但以騰訊的流量和微信生態系統仍然強勁。 該行認爲,近期內主要的股價驅動因素仍是投資者對內地互聯網監管環境的看法。該行預計該股將在未來一到兩個季度區間上落,但預計2022年公司盈利加速,監管環境趨於穩定,維持「增持」評級及目標價640元。(ic-wl/da)~
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