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《大行報告》高盛下調騰訊(00700.HK)目標價至428元 評級「買入」
阿思達克 08-09 09:32
高盛發表研究報告指,騰訊(00700.HK)股價回落,料近期投資者關注的焦點包括對遊戲收入按年增長放緩的憂慮,該行預計遊戲收入按年增長為9%;由於宏觀經濟復甦步伐不均,最近市場對騰訊廣告收入的預測下調;第二季雲業務增長前景疲軟,加上騰訊發布其to-C生成式人工智能應用程序的步伐相對較慢;及Prosus持續以每年2至3%的速度剝離騰訊股權。 該行預計集團第二季總收入、經調整營業利潤及經調整淨利潤按年分別增長12%、31%和37%,這主要是受惠於遊戲、廣告、金融科技及雲計算業務按年增長,並有有效的成本控制。 該行維持集團的「買入」評級,目標價由443元下調至428元,2023至25年的收入預測下降0.5至0.8%,惟料經調整營運利潤大致維持不變。在股價表現相對疲弱之後,加上其領先於同行的盈利增長軌跡,該行認為風險回報對公司愈來愈有利,又相信其仍然是定位最獨特的中國互聯網公司之一。該行預計,集團第三季的收入及淨利潤將分別按年增13%及27%,而第四季則分別升13%及30%。
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