《大行報告》法巴:騰訊(00700.HK)及網易(09999.HK)爲網遊股首選 監管風險已過度反映
法巴發表研究報告指,經過八個月暫緩後,內地當局終於恢復遊戲版號審批,消息有助緩解遊戲行業的陰霾,認爲當局有意維持國內遊戲行業健康發展。由於已預計到今年內版號會恢復審批,該行未有調整對遊戲發行商的估值預期及盈利預測。
此輪版號發放共有45款遊戲獲批,法巴指出,內地當局於2018年底恢復版號審批時,採取分批發放方式,因此預期今次亦會相同,或於4月底批準更多遊戲版號,令每月獲批遊戲數量提升至約90款,但預期審批可能相對緩慢,低於此前每月平均約116款。法巴認爲,主流遊戲發行商大部分收入都來自少數暢銷遊戲,因此版號減少不會造成太大影響。
法巴指,騰訊(00700.HK)、網易(09999.HK)及中手遊(00302.HK)此輪未有遊戲獲批,但並不代表未來獲批次數會減少,指出2018年底恢復發放的首批版號亦以中小型開發商爲主,相信當局是爲了防止資源匱乏的小型遊戲公司倒閉。
該行列騰訊及網易爲首選,相信市場對近期的監管風險反應過度,忽視了兩家公司長期收入機會和利潤率上升空間。法巴看好騰訊於遊戲相關廣告領域的潛在發展;同時認爲中手遊與網易最能受惠今次的消息,因兩者屬純遊戲發行的角色。法巴予騰訊「買入」評級,認爲合理價格爲837元。
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