《大行報告》星展下調騰訊(00700.HK)目標價至447元 重申「買入」評級
星展發表研究報告,指騰訊(00700.HK)今年首季非國際財務報告準則(Non-IFRS)淨利潤按年跌23%,差過市場預期的下跌18%,收入增長放緩、毛利率收縮和營運費用增加導致業績低迷,因此該行將騰訊2022和2023F年的Non-IFRS淨利潤預測分別下調15%和12%。該行看好微信生態系統長遠潛力,維持對騰訊「買入」評級,目標價由563元下調至447元。
星展表示,騰訊擁有12.7億微信月活躍用戶,覆蓋中國約90%的人口,能通過提高視頻賬戶和小程序以及其他社交領域的變現,提供強大的長期增長潛力。該行認爲,騰訊擁有強大的遊戲組合,預計在今年4月恢復遊戲審批後,下半年的遊戲收入增長將會提升。
星展又認爲,騰訊雲是中國雲服務市場的第二大服務提供者,預計2021-2024財年的複合年增長率約41%,其正在利用在消費市場的經驗向企業市場擴張。金融科技將繼續受益於更高的支付頻率和更廣泛的使用。
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