《大行報告》德銀下調騰訊(00700.HK)目標價至470元 評級「買入」
德銀發表研究報告,指出疫情爆發對宏觀經濟及消費者情緒的影響變得較預期更嚴重及更持久,騰訊(00700.HK)旗下線上廣告及金融科技與商業服務因而受壓,令首季收入及調整後淨利潤均低於市場預期。
該行預期,疫情對首季業績只有約一個月的影響,相信第二季受到的影響更大。市場預期上海自6月起放寬防疫限制,德銀預計廣告、金融科技與商業服務業務都將逐步回暖,或在第三季可見到更明顯復甦,但具體反彈幅度則要視乎各地疫情發展。
遊戲業務方面,雖然疫情導致國際市場表現放緩,令首季業績略低於預期,但該行預計第二季騰訊將推出Return to Empire及Apex Legends Mobile等焦點新遊戲,加上監管環境有所放寬,今年內騰訊有望取得新牌號,相對下半年業務上行空間較大。
德銀將今明兩年收入預測下調5%及6%,調整後淨利潤預測下調10%及7%,目標價由510元下調至470元,指出近期雖面臨挑戰,但對騰訊的長期增長前景仍然充滿信心,維持「買入」評級。
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