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《大行報告》瑞銀下調騰訊(00700.HK)目標價至630元 評級「買入」
阿思達克 10-18 14:03
瑞銀髮表研究報告,將騰訊(00700.HK)的目標價由650元降至630元,並下調其2021至2023財年盈利預測4%至6%,維持「買入」評級。另估計,騰訊第三季收入約1,448億元人民幣,經調整EBIT爲384億元人民幣,當中假設移動遊戲收入增長10%,線上廣告收入增長14.5%。 該行認爲,對於騰訊的催化劑包括恢復遊戲審批許可或當局放寬對線上媒體的監管,但估計公司的遊戲和廣告近期增長較低,對其第四季手機遊戲收入預測下調5%,部分由於延遲推出《英雄聯盟》手遊及流量變現的影響。此外,該行下調對騰訊的線上廣告收入預測2%,以反映進一步的宏觀和監管風向。 不過,該行認爲內地監管環境應略有緩和,而對網絡遊戲的監管主要針對未成年人,騰訊作爲遊戲的開發商和發行商,只要改善對未成年人的監控措施,當局應會恢復對其遊戲的審批許可,因此預料監管網絡遊戲對騰訊遊戲收入帶來中單位數的影響,而公司於國內外遊戲領域的長期增長潛力依然完好無損,最近正式推出《英雄聯盟》手遊便是一個好兆頭。
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