《大行報告》富瑞下調騰訊(00700.HK)目標價至610元 評級「買入」
富瑞發表報告,因應近期公佈的行業數據,輕微下調騰訊(00700.HK)第四季度收入預測1.5%,計及2021年下半年行業和宏觀環境的變化,該行認爲較去年初預期有差別,故下調騰訊2021年全年盈利預測。
富瑞預期騰訊2022年員工人數增長平穩,與行業趨勢相若,確定行業前景展望,維持集團「買入」評級,目標價由628元調低至610元。
該行預期,集團第四季整體收入按年增長5%至1410億元人民幣,對比早前預測爲增長7%。按業務劃分,料季度線上遊戲收入按年增6%(早前預期爲增長7%),手遊收入增長則減慢,因上年同期來自天涯明月刀(Moonlight Blade)的收入基數較高。另外,2021年9月未成年玩家對集團營收佔比由2020年9月的4.8%降至1.1%,監管收緊對該季度收入有所影響。線上廣告收入按年跌10%至223億元人民幣,對比之前預測爲9%跌幅。
展望2022年首季,基於宏觀經濟存不利因素,該行對騰訊業務作出保守假設。預期視頻將是騰訊未來廣告變現的潛在催化劑,雲業務方面,估計騰訊可繼續跑贏同業。
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