《大行報告》摩通維持對網易-S(09999.HK)遊戲收入前景保守看法 評級「中性」
摩通發表報告指,網易-S(09999.HK)公布第三季業績後,其股價在兩個交易日下跌5%,主要反映投資者對於近期暴雪(ATVI.US)宣布暫停其大部分內地遊戲服務持審慎態度,加上由於網上遊戲營運開支較高,令第三季營業利潤較弱。
該行表示,即使公司長期前景保持樂觀,尤在海外市場擁有豐富的遊戲研發資源,有利於其海外擴張,但目前仍對網易短期(六個月)遊戲收入前景維持保守看法,主因全球整體遊戲市場需求疲弱;熱門新遊戲推出量有限,《永劫無間》、《逆水寒》版號仍待批,該行料明年下半年方獲批出;今年末季及明年首季比較基數較高等。
該行表示,將公司今年及明年收入預測分別上調1%及3%,以反映旗下網路搜尋引擎有道第三季收入表現較佳,以及《大話西遊H5》的明年貢獻,同時該行將公司今年及明年的經調整後淨利潤率分別上調2.4個百分點及0.6個百分點,以反映今年投資收入和外匯收益、以及遊戲毛利率改善。
該行維持其H股目標價為115元及其評級為「中性」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.