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《大行報告》瑞銀削騰訊(00700.HK)目標價至330元 下調盈測反映宏觀復甦較慢
阿思達克 10-24 10:18
瑞銀發表報告指,近期中國防疫清零政策及與美國的地緣政治緊張局勢,引發市場的擔憂,推動中國互聯網行業盈利及估值再被重估,考慮到宏觀經濟復甦放緩對廣告、支付和遊戲行業的影響,將騰訊(00700.HK)今年下半年及明年全年的盈利預測下調11%。 該行指,騰訊未有推出具吸引力的新遊戲,加上現有主要遊戲表現疲軟,預期第三季遊戲總收入跌幅將加大,而2023至2025年遊戲及廣告收入則預期增長9%至10%。 瑞銀下調騰訊長期預測以反映對國內和國際增長機會的更為謹慎的看法,並認為騰訊的市盈率低於其歷史水平,鑑於騰訊股價近期大幅回調,認為明年將出現積極的風險/回報,,將今年下半年及明年收入預測分別下調5.9%及5.5%,至下跌0.9%及增長10.9%,並將盈利預測下調11%,目標價由420元降至330元,此按現金流折現率作估值,相當於2023年及2024年預測市盈率各22.5倍及18.9倍,維持「買入」評級。
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