《大行報告》高盛升騰訊(00700.HK)目標價至434元 春節期間網遊業務強勁
高盛發表報告指,騰訊(00700.HK)旗下內地網遊業務在春節期間錄得強勁的表現,受惠於低基數,並由於需求增加及集團透過更多內容更新和促銷活動,《王者榮耀》及《和平精英》等傳統遊戲的收入按年分別增長31%及16%,集團亦有發佈更多新遊戲細節。
該行將騰訊今明兩個財年的遊戲業務收入增長預測各上調0.8%及2.2%,意味着按年均增長9%。按市場劃分,該行料2023及2024年國內市場按年各自增長7%,因爲在中國國家新聞出版署恢復特別針對大型項目的審批後,管道可見度有所提高。
高盛預計國際市場將錄得強勁增長,2023及2024年分別按年增長16%和17%,這是受惠於集團擁有40多款國際遊戲的儲備以及通過併購和少數股權投資持續進行的海外擴張。考慮到調整後的盈利,該行將騰訊目標價由422元上調至434元,維持「買入」評級。
該行相信,騰訊將繼續爲投資者帶來有利的風險回報,它在中國互聯網公司中擁有獨特的定位,並有理想的微信生態系統、遊戲領域的領導地位以及視頻賬戶、國際遊戲和SaaS的新增長動力。雖然其近期的收入及盈利承壓,但相信集團正在加強其各業務線的領先地位,並有望從2022財年第四季起實現收入增長復甦。
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