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《大行報告》摩通料下調騰訊(00700.HK)今年經調整每股盈測15% 評級「減持」
阿思達克 03-24 10:03
摩根大通發表研究報告指,由於遊戲、社交網絡服務及廣告業務收入疲軟,騰訊(00700.HK)去年第四季業績遜於預期,認為中國互聯網行業進入新發展期,大多數大型互聯網企業將重點轉向提升質量及效率,認為隨著時間推移,發展模式轉變將導致收入增長放緩,但利潤率會提高。 摩通指,預計騰訊去年集中投資,將影響今年的利潤率和盈利增長,預計或繼續拖累股價,但對騰訊的長期盈利可持續性仍然充滿信心,預計騰訊未來將更加關注成本優化及非核心業務的合理化發展規劃,由於基數效應,預計2021年投資額對利潤率的影響將在今年上半年延續。 該行認為,就內地未成年人遊戲保護措施的影響、遊戲版號審批暫停、網絡廣告等板塊的監管變化,以及直播競爭等因素,將令騰訊核心社交網絡服務、遊戲、雲和金融科技收入增長在未來2至3個季度將繼續受壓,因此該行將對其今年經調整每股盈利預測下調15%,預期騰訊今年收入增長5%,經調整每股盈利料跌9%。對於2023年,該行預期騰訊明年收入增長將恢復至15%,料明年調整後每股盈利會按年回升32%。 摩通維持對騰訊的「減持」評級,目標價265元,對應2022年預測市盈率約19倍。
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