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《大行報告》花旗下調騰訊(00700.HK)目標價至634元 評級「買入」
騰訊(00700.HK)將在三月23日公佈2021年第四季業績。花旗發表報告,爲反映持續的宏觀和監管壓力,以及疲軟的消費情緒,該行進一步下調對騰訊2021年第四1季和2022年的在線廣告收入預測,並進一步調整了網絡遊戲收入,反映增長放緩和基數效應。該行將騰訊目標價由682.33元,下調至634元,維持「買入」評級和核心持有首選。 花旗將騰訊2021至2023各年間的收入和非通用會計準則淨利潤預測,分別下調0.7%和0.5%、下調3.5%和3%、下調2.4%和2.6%。該行將騰訊2021年第四季收入預測下調2.9%,非通用會計準則盈利下調2.1%。 該行預計,宏觀壓力和疲軟的廣告情緒將持續到2022上半年,而網絡遊戲將保持健康但緩慢的增長,隨着週期性復甦、員工人數增長放緩,預計下半年淨利潤將重拾正增長。爲把握工業互聯網增長機遇,並與其社會可持續發展倡議保持一致,該行相信騰訊將進一步將資金從更成熟的投資,重新分配到更新的技術風險投資。 花旗指,繼1月初以30億美元出售Sea(SE.US)2.6%的股份後,騰訊在過去兩週加大了股份回購力度,爲了爲未來的社會可持續發展項目投資騰出資金,認爲騰訊可以剝離投資股權,尤其是已經成長爲具可觀回報的股權。
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