瑞銀:予騰訊(0700.HK)買入評級 目標價630港元
瑞銀研報指,將騰訊(0700.HK)目標價由650港元降至630港元,以反映該行下調騰訊2021至23年盈利預測4%至6%。第3季盈利更多受制於宏觀經濟及監管政策,評級“買入”, 瑞銀將騰訊第4季及之後手機遊戲收入預測調低5%,部分反映英雄聯盟 (LoL) 手遊及變現能力延後因素,但維持第3季相關增長按年升10%的預測。
另該行下調第3季及以後在線廣吿收入預測2%,以反映進一步監管、宏觀不利因素。該行引述廣吿代理方面指,微信朋友圈表現續跑贏同業,該行仍預期短影片廣吿變現能力明年攀升。
該行稱,未來監管環境將會輕微放鬆,手遊規則主要針對未成年人。隨開發商及發行商改善後,遊戲版號應恢復審批,可見監管對遊戲毛利只有中等單位數影響。另新隱私法規直接影響騰訊廣吿業務有限。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.