野村:維持騰訊(0700.HK)買入評級 目標價586港元
野村發表研究報吿指,騰訊(0700.HK)去年第四季業績或稍遜市場預期,由於線上廣吿收入疲軟,第四季總收入料將按年增長8%;而因為營運支出增加,經調整營業利潤率料按年跌4.5個百分點至21%;經調整每股盈利將按年跌10%至3.08元人民幣,較市場預期低約1%。該行維持其“買入”評級及目標價586港元。
報吿指,騰訊的幾個關鍵廣吿垂直領域,包括教育、遊戲和互聯網保險等,自去年第三季度以來受到監管收緊的影響,加上宏觀經濟環境也拖累廣吿業務增長,預料第四季線上廣吿收入將按年跌12%。
報吿又預計,第四季線上遊戲收入將按年增長7%,增速與第三季持平;其中手遊收入增長9%,電腦遊戲收入可能保持按年持平,認為當局暫停新遊戲審批或為中國遊戲行業的前景蒙上陰影,但騰訊逾20%的遊戲收入來自海外市場,相信集團在這個困難時期的表現會好於中國遊戲同行。在金融科技和雲計算方面,第四季收入料按年增長24%。

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