《大行報告》花旗降騰訊(00700.HK)目標價至468元 指次季績好壞參半 但料明年收入回覆增長
花旗發表報告表示,騰訊(00700.HK)今年第二季業績好壞參半,收入低於該行及市場原預期各0.4%及1.2%,經調整盈利則優於該行及市場原預期各14.4%及15.4%,主要受惠削減非核心業務及優化人員成本等以提升效益。公司管理層認爲,監管環境將從整頓走向常態化,向平臺經濟發出支持信息,騰訊預計其業務將可受益於中國更廣泛的經濟好轉。
該行表示,重申對騰訊「買入」投資評級,但下調對其目標價由509元降至468元,此按綜合方式作估值,相當動態市盈率1.6倍(料於2022年至2024年複合增長率爲19%),相當於非國際會計準則市盈率31倍。
花旗指,騰訊第二季收入疲弱及正在觸底,料至今年年底可逐步改善,預期明年收入回覆增長。
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