中金:维持腾讯控股“跑赢行业”评级,目标价升至379港元,较当前股价有29%上行空间
中金发布研究报告称,维持$腾讯控股(00700.HK)$“跑赢行业”评级,将2022/23年收入预测均上调1%至5559/6131亿元;鉴于部分业务毛利改善明显,上调2023年经调整净利润预测2%至1472亿元,目标价上调16%至379港元,较当前股价有29%上行空间。
2022年3季度收入高于该行预期,利润略低于该行预期但高于市场预期。另宣布向股东分配美团股份,短期来看对投资组合分配能让股东在高利率的环境下掌握更多的即期收益,有助于更好地释放股东价值。
报告中称,分业务看,
游戏:3Q22国内游戏收入同比下降4%,大DAU游戏《王者荣耀》《英雄联盟》仍受整体消费水平疲软影响出现流水下滑;期内海外游戏收入展现小幅亮眼成绩,在高基数的情况下同增4%,主因《VALORANT》表现强劲。
广告:3Q22收入同比下滑5%收窄至214亿元,游戏、电商及快消行业广告需求有所改善。相较媒体广告收入同比大幅下降,社交广告收入底盘更稳,同比下滑1%。4Q22视频号广告收入有望超过10亿元,建议关注视频号后续商业化进展表现。
金融与云:3Q22收入同增4%至448亿元,其中金融科技收入的增速因疫情缓和而环比上扬,商业支付金额同增超10%;云业务整体由于仍在降本增效节奏当中,因此收入略有减少。该行预计2022全年金融与云业务收入同增5%至1878亿元。
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