《大行報告》匯豐研究下調騰訊(00700.HK)目標價至475元 評級「買入」
匯豐研究發表研報表示,鑒於行業前景充滿挑戰,對騰訊(00700.HK)預測變得更為保守。該行引述數據指,國內手遊市場第二季料按年增長2%,但疫情常態化下國際市場預期按年跌11%,因此將今年騰訊國內及國際遊戲收入增長率分別下調至持平及下跌4%。
同時該行認為,騰訊期內調整發展戰略,雲業務改為專注於盈利能力提升,將對未來一年經營產生影響,因此將今明兩年雲業務收入增長率下調至按年跌5%及跌2%。由於消費情緒依然疲軟,微信視頻號可能要到今年第四季才能變現,因此該行將2022年的廣告收入預測下調至按年跌18%;又估計成本控制措施至第四季才見明顯效用。
匯豐研究將騰訊2022至2024年收入預測下調2%至8%,盈利預測降低6%至9%,目標價由520元下調至475元,維持「買入」評級。
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