《大行報告》花旗下調騰訊(00700.HK)目標價至512元 指金融科技及商業服務表現欠佳
花旗發表研究報告指出,騰訊(00700.HK)今年首季收入按年近持平,低過該行的保守預測1.7%,主因在戰略轉型對雲服務部署,並受3月份內地「封城」影響支付交易量,期內公司的金融科技及商業服務業務表現欠佳。此外,銷售及市場推廣開支下降及遊戲業務較高的毛利,使騰訊的非國際財務報告準則盈利較該行預測高出14%。
該行指出,踏入第二季,上海「封城」對騰訊的線下支付量和線上廣告預算帶來負面的影響,加上雲服務重新部署持續,導致線上廣告收入按年跌幅更加嚴重。隨著近期更多新遊戲的推出和遊戲審批流程的恢復,相信騰訊的本土市場遊戲收入將有所改善。
花旗對騰訊2022至2024財年的收入預測下調各2.1%、2.5%及2.9%,對其盈利預測則上調5.7%、33.9%及0.7%,另對今年第二季騰訊本土市場遊戲及國際市場遊戲收入預測,分別按年增長5%及11%,至338億及120億元人民幣。維持對騰訊「買入」評級,目標價由522元下調至512元。另相信騰訊對關鍵戰略舉措(SaaS、視頻帳戶和國際遊戲)的承諾投資,將支持公司在疫情和宏觀不利因素下加速增長。
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