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《大行報告》瑞信上調騰訊(00700.HK)目標價至441元 評級「跑贏大市」
阿思達克 10-10 10:39
瑞信發表研究報告指出,騰訊(00700.HK)旗下微信於7月中推出視頻號信息流廣告,作爲騰訊短期內最明顯的增長動力,該行認爲利用微信生態系統,相信視頻號在內容分發及提供接入私域流量培育與同業不同,對低線城市的敞口更大。 不過,該行認爲視頻號進一步增加用戶花費的時間(目前約35分鐘)是未來的關鍵挑戰,於豐富內容生態系統有提升空間。至於廣告商的反饋表明,儘管初始投資回報率較低,但高度重視小程序與私域流量的協同效應,侵蝕效應風險有限。 瑞信預期視頻號2023及2024年的廣告收入將達至70億及140億元人民幣,對盈利影響3%至5%。該行又將騰訊2023至2024財年的每股盈利預測上調1%至2%,目標價由437元上調至441元,雖然短期仍面臨挑戰,惟仍看好公司的待變現資產及用戶基數。撇除投資,騰訊目前股價相當於2022財年市盈率13倍,價值被低估,維持「跑贏大市」評級。
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