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《大行報告》大摩下調騰訊(00700.HK)目標價至400元 評級「增持」
阿思達克 08-18 10:24
摩根士丹利發表報告指,騰訊(00700.HK)遊戲業務增長乏力和廣告業務能見度有限,可能會影響第三季收入增長,但相信利潤率在嚴格的成本控制下有所改善,並期待視頻賬戶變現能力提升和明年推出關鍵遊戲能夠重新加速增長。目標價由450元下調至400元,相當於明年預測核心市盈率19倍,維持「增持」評級。 大摩指,廣告業務方面,由於6月份業務逐步恢復,騰訊第二季下滑幅度已好過預期。該行預計,隨著疫情趨穩,騰訊廣告業務跌幅第三季將收窄至按年跌12%。 遊戲業務方面,大摩料第三季收入將按年下跌13%,即內地收入料跌17%,海外收入料升3%,以反映高基數、未成年人保護措施影響和疫情後的正常遊戲需求。而下半年《Undawn》可能是一個值得關注的新關鍵遊戲,並預計明年將有更多的關鍵遊戲推出。 該行降騰訊2022至2024年各年收入預測分別2%、3%及4%,以及降non-IFRS經營溢利預測分別2%、2%及3%,以反映正常化遊戲增長,以及宏觀不確定性窒礙廣告業務復甦。報告補充,回購或對騰訊股價帶來一些下行保護。
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