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《大行報告》摩通下調騰訊(00700.HK)目標價至570元 料上季經調整每股盈利按年跌12%
阿思達克 02-17 09:42
摩根大通發表報告,在騰訊(00700.HK)公佈去年第四季財報前,將2022年的每股盈利預測下調4%,但不認爲新一輪的盈利下調會在短期內嚴重拖累騰訊的股價,因爲預計騰訊以及其他大多數大型中國互聯網公司將在今年第二季度恢復收入勢頭,原因是政策刺激及監管環境正常化等。因此目前應關注2022年第二季度的收入恢復是否符合市場預期,而非去年第四季度和今年第一季度的財務疲軟程度。另外,摩通預計騰訊在進一步處置其投資組合並將部分收益返還給股東後,其表現將優於同行。 摩通預計宏觀經濟和消費放緩、對一些上遊廣告商類別的監管阻力以及疫情的重新出現,將對騰訊第四季度的廣告、金融科技和雲計算收入產生負面影響。在成本方面,預計對遊戲和商業服務人員的持續投資將導致連續的利潤壓力。此外,由於該行業的普遍疲軟,來自聯營公司的損失或擴大。 該行削減對騰訊今年的盈利預測,以反映近期的不利因素。將2021年第四季度和2022年經調整每股盈利預測分別下調7%和4%。同時預計騰訊2021年第四季度的經調整每股盈利按年跌12%,並在2022年第一季度再下降7%。該2022年經調整每股盈利預測比市場預期低10%。該行將騰訊目標價由618元降至570元,給予「增持」評級。
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