《大行報告》美銀證券下調騰訊(00700.HK)目標價至484元 評級「買入」
美銀發表研究報告指,騰訊(00700.HK)即將公布第三季業績,該行續維持遊戲及廣告收入下跌的預測,料趨勢與次季相近。
該行認為,騰訊的效率提升措施或會緩解其利潤率壓力,預計其第三季毛利率將保持穩定,按季保持在43%,國際財務報告準則營運利潤率將從第二季的22%提高至25%。惟低於去年同期的37%,主要是由於投資收益及利息收入的變化。如果排除這些因素,料廣告營運利潤為19%,高於次季的18%,並略低於去年同期的20%。該行預計,第三季國際財務報告準則純利為237億元人民幣,按年減少40%,調整後純利為287億元,按年跌10%。由於預期2023至2024年的利潤率將繼續改善,該行維持集團「買入」評級,目標價由497元下調至484元,以反映現金流折現法(DCF)計業務價值不變,但其投資標的市值下降。
另外,騰訊已踏入業績前「緘默期」,此前,其回購金額由8月19日至10月11日期間每日回購介乎4,400至4,500萬美元(下同),增加至期內前三個交易日的每日約7,600萬至7,700萬元。該行預計,集團將在公布第三季業績後恢復回購。
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