《大行報告》麥格理下調網易-S(09999.HK)目標價至177元 評級「跑贏大市」
麥格理發表報告,預期網易-S(09999.HK)持續有新遊戲發布及獲批版號,將推動遊戲業務收入增長,料其2022至2024年相關的複合年增長率達6%。
該行指,網易兩款進口遊戲《突襲:暗影傳說》及《奇幻生活》於去年12月獲批版號,其中前者國際版於去年7月累計收入錄得10億美元,同時憧憬去年11月獲批的《大話西遊-歸來》將成為另一款重磅大作,預計今年該公司將有更多硬核遊戲獲批,而國際遊戲收入貢獻亦將由2021年的12%,料至明年提升22%。
動視暴雪(AVTI.US)終止合作關係的事件雖為網易帶來影響,但麥格理指出,網易對此迅速採取應對行動,而雙方合作亦只為網易收入及利潤貢獻低單位數百分比,預期網易旗下國際工作室網絡的增加,可增強其遊戲內容和開發能力。
麥格理預測去年全球遊戲收入按年下降4%後,今明兩年將各回升4%及5%,當中中國市場遊戲收入將按年增長5%及6%。因應研發開支增加及與動視暴雪終止合作,麥格理將網易今明兩年每股盈利預測下調3%及7%,將目標價由188元下調至177元,維持「跑贏大市」評級。
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.