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《大行報告》大摩下調騰訊(00700.HK)目標價至450元 評級「增持」
阿思達克 05-19 09:50
摩根士丹利發表報告指,由於營運支出的靈活性有限,預期宏觀及疫情的不明朗性將持續對騰訊(00700.HK)的毛利率造成壓力。該行留意集團的短影片廣告變現及未來推出的遊戲,能否於明年開始重振增長。 大摩預期,騰訊遊戲業務疲弱的增長將持續至今年第二季,估計遊戲毛收入將按年下跌4%,反映季節性及持續的未成年人保護措施影響。至於國際遊戲的增長料按年持平,主因疫情過後用戶支出正常化。該行又認爲騰訊廣告業務未見底,第二季估計將下跌25%,主要由於作爲物流樞紐的上海因疫情封城。 大摩下調騰訊股份目標價,由480元降至450元,評級維持「增持」,並調低集團今年至2024年收入預測分別5%、6%及7%,非國際財務會計準則經營利潤亦下調2%、3%及2%。該行預期騰訊第二季情況嚴峻,需面臨宏觀不明朗、盈利緩衝減少及毛利壓力,估計明年開始纔會出現明顯復甦及毛利率前景改善。
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