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《大行報告》美銀證券下調騰訊(00700.HK)目標價至450元 評級「買入」
阿思達克 08-17 09:59
美銀證券發表報告指,騰訊(00700.HK)第二季業績好壞參半,由於遊戲業務疲弱抵銷了廣告業務的改善,令收入未達預期,而毛利率上升導致經調整純利勝預期。該行將騰訊2023年收入預測下調至6,190億元人民幣,意味按年增長預測由原先15%下調至12%;反映遊戲板塊較弱、廣告業務改善等。該行將其今年通用會計準則(GAAP)計淨利潤率預測由21%下調至20%。鑑於增長前景較低,以現金流折現率計,將目標價由從473元下調5%至450元,重申「買入」評級。 該行提到,集團在視頻賬戶、移動廣告網絡、廣告平台技術升級的推動下,第二季廣告業務收入按年增長34%。公司管理層對下半年的廣告業務充滿信心。
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