《大行報告》德銀下調騰訊(00700.HK)目標價至510元 評級「買入」
德銀發表研究報告指,遊戲審批延遲、廣告市場監管及宏觀不確定性,影響到騰訊(00700.HK)的短期前景,相應將2022至2023年收入預測下調8%及12%。
惟該行指出,騰訊在新業務方面繼續取得進展,國際遊戲產品表現增強,視頻號愈來愈受歡迎,瀏覽率及用戶使用時間翻倍,同時SaaS業務在教育、零售、醫療保健和製造等關鍵垂直領域用戶增長強勁。
展望今年,德銀預計不確定因素將在上半年持續影響騰訊,並在下半年逐漸得到緩解,相信隨著未成年人保護措施影響充分消化,新遊戲恢復審批將帶來上行潛力。由於因此,由於收入組合向低利潤率業務轉移,該行將其今明兩年調整後淨利潤預測下調20%,淨利潤率預測下調3個百分點,並將目標價由635元下調至510元,維持「買入」評級。
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