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《大行報告》大摩下調騰訊(00700.HK)目標價至350元 評級「增持」
阿思達克 10-11 10:46
摩根士丹利發表報告,下調騰訊(00700.HK)今年至2024年收入預測0%至2%,並下調非通用會計準則經營溢利率預測介乎1%至3%,反映短期盈利壓力及新冠影響,目標價由400元降至350元,相等於2023預測核心市盈率17倍,維持「增持」評級。該行認為,公司近期加快回購,為股價提供緩衝。 該行預測騰訊第三季收入及非通用會計準則經營溢利分別按年跌3%及7%,受遊戲需求疫後復常及緩慢的廣告業務復甦影響。該行預測視頻號加速變現化工作及主要遊戲推出,將為收入回復增長的催化劑。 其中遊戲業務方面,騰訊本地遊戲業務季度收入料按年倒退6%,反映去年同季高基數及保護兒童措施影響。該行對遊戲行業第四季或見底審慎樂觀,基於大型遊戲商近期取得版號,以及保護兒童措施的按年影響消失。國際遊戲收入則料按年跌2%,受遊戲需求復常影響。 廣告業務方面,該行料騰訊第三季網上廣告收入按年跌13%,受宏觀環境疲弱及新冠疫情零星爆發影響。金融科技及企業服務收入料按季改善,並料按年升7%,但受雲增長停滯、行業需求疲軟及項目延後拖累。
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