《大行報告》瑞銀下調騰訊(00700.HK)目標價至565元 評級「買入」
瑞銀髮表報告表示,由於最近內地宏觀經濟及新冠疫情影響,故降低騰訊(00700.HK)廣告和支付增長,同時下調移動遊戲業務收入預測,主要是估計內地的許可證審批重新啓動會較遲。
該行稱,隨着投資者對該行業在監管和宏觀方面有所改善,該行維持「買入」,將騰訊目標價由600元下調至565元,相當於預測2022年及2023年市盈率各33倍及26倍。
瑞銀下調對騰訊2021年至2023年每股攤薄盈利預測各1%、4%及6%,各至12.9元、14.08及17.76元人民幣。該行估計騰訊2021年盈利按年僅增2.1%,料2022年盈利按年增長可加快至9.5%。而該行料騰訊於2023年至2025年盈利複合增長率可改善至約20%。
就內地互聯網企業正面臨監管壓力,料會影響用戶增長及流量貨幣化進程,估計騰訊或需進一步調整,但無論如何料公司會在同業中處境較好。該行料行業於2021年第四季增長疲弱,料今年上半年趨勢會持續,並料今年下半年會有所改善。
就市場關注監管風險,但該行認爲市場投資者尚未完全反映公司旗下海外業務(包括遊戲、雲及短視頻廣告等)的長期機會。
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