《大行報告》瑞銀:騰訊(00700.HK)上季經調整EBIT遜預期 料市場反應負面
瑞銀發表研究報告指,騰訊(00700.HK)去年第四季收入達1,442億元人民幣,分別較瑞銀及市場預期低1.7%及1.3%,調整後息稅前利潤(EBIT)達332億元人民幣,較瑞銀及市場預期低9.4%及12.6%。
瑞銀指出,市場已預計到業績表現會較疲弱,但考慮到收入及盈利遜預期,相信反應將略為負面,維持對騰訊的「買入」評級,目標價565元。
期內線上廣告第四季收入按年下降12.7%,較瑞銀預期低12.1%;社交網絡收入亦較預期低7.1%。國際遊戲業務超出預期,按年增長34%,但被國內遊戲增長僅1%所抵銷。增值服務及線上廣告毛利率分別低於預期2個及5個百分點,運營費用也略高於預期,導致EBIT較預期遜色。
管理層認為,國內遊戲未成年保護措施的影響將在今年下半年充分消化,2023年的新遊戲可能會推動國際增長,預計廣告業務將在今年底恢復增長,微信視頻號預期可在廣告、打賞及電商領域提供重要的商業化機會,未來將專注於視頻業務的成本控制,以及未來IaaS和PaaS的質量增長,SaaS則仍以規模擴張為優先。
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