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《大行報告》中金降騰訊(00700.HK)目標價10%至549元 季績略遜預期
阿思達克 11-12 15:07
中金髮表報告,指騰訊(00700.HK)第三季業績略遜該行及市場預期,其廣告業務受外圍環境波動影響,料持續受壓,該行料其末季廣告業務收入按年跌8%。騰訊亦加大在遊戲合規及研發上的投入。另金融服務增長放緩,雲服務及企業服務則表現穩固。 報告稱,騰訊具有複雜的業務線,與行業鏈上遊及下遊有更復雜的關係,直接監管措施或對縱向行業的監管都會影響騰訊。在行業快速發展的時間,該行認爲可視騰訊爲經改良的互聯網行業指數。當行業受外圍因素影響時,該指數將反映外圍影響。由於廣告行業宏觀及監管影響大過該行原先預期,以及疫情打擊線下支付業務,中金下調騰訊今明兩年收入預測3%至7%,並下調經調整純利預測6%至13%,至分別1,280億及1,410億元人民幣。 中金錶示,相信監管是爲了長遠建立更健康及穩定生態。回望一年以來,整體監管方向更趨清晰,並進入執行階段。該行稱,短期震盪不可避免,但相信不會影響公司核心能力,公司持續創新亦可有效吸收外圍影響。 中金維持騰訊「中性」評級,目標價降10%至549元,相當於預測明年經調整市盈率32.5倍,該行料騰訊核心長處仍保持韌性,料外圍影響維持兩至三個季度。
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