《大行報告》交銀國際下調騰訊(00700.HK)目標價至399元 料次季收入按年升14%
交銀國際發表報告,預計騰訊(00700.HK)第二季總收入1,530億元人民幣,按年增長14%,與市場預期一致。當中,遊戲/增值服務/廣告/金融科技及雲收入料分別按年增長9%/9%/24%/19%。經調整營運利潤料爲451億元,按年增長23%,營運利潤率29.5%,預計經調整淨利潤和淨利潤率爲353億元和23%,市場預期爲366億元和24%。
受季節性因素影響,交銀國際預計騰訊第二季遊戲收入按年增長9%,略低於早前預期的10%,海外遊戲表現是拉動收入增長主要動力。新遊戲《無畏契約》和《命運方舟》分別在7月12日和月20日上線,或將推動第三季遊戲收入。
交銀國際預計, 騰訊今明兩年收入分別增長13%和10%,淨利潤分別增長27%和16%。《無畏契約》表現值得重點關注,主因騰訊在射擊遊戲品類營運經驗豐富,長期或爲公司貢獻收入增量。但考慮到暫未有新遊戲定檔,對標行業平均下調遊戲估值,給予騰訊盈利業務20倍市盈率預測,目標價由450元降至399元,估值偏低,維持「買入」。
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