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《大行報告》華興資本下調騰訊(00700.HK)目標價至430元 料第三季收入增長維持穩健
華興資本發表報告指,維持騰訊(00700.HK)第三季收入增長預測按年升8%不變,維持穩健,其中本地遊戲收入按年升5%、海外則升15%。 該行預期,集團第三季及第四季線上廣告收入按年增23%及22%,其中社交廣告分別升25%及24%。在雙11促銷活動前,騰訊深化與阿里(09988.HK)合作,透過其營銷平台阿里媽媽整合,全面直連微信及淘寶的付費流量,而騰訊管理層指,透過兩大平台的流量提高商家廣告投資報酬率。該行相信,這為廣告定價提供上行空間,並料騰訊可利用微信的廣泛用戶群且具有高購買力,以及其電子商務生態系統的支持,從而獲取正在增長的電子商務廣告收入份額。 此外,該行料第三季及第四季金融科技業務收入按年增長分別9%及13%(原預期14%及15%),主要反映宏觀經濟商業支付壓力。 該行料,利好的產品組合轉向高利潤收入,將會支持騰訊盈利能力擴張;該行將騰訊第三季非國際財務報告準則營運利潤率調整至34.5%、第四季則為33.9%。該行將其目標價由450元下調至430元,維持其評級為「買入」。(ca/k) ~
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