《大行報告》瑞銀下調騰訊(00700.HK)目標價至419元 評級「買入」
瑞銀發表報告指,騰訊(00700.HK)現估值相比同業存在溢價,但在宏觀經濟疲弱下,盈利具能見度,管理層表現穩定及創新,三個主要業務範疇中,網上遊戲組合多元化、日均用戶龐大,收入變現的能力亦高。至於廣告收入較同業為佳,受惠技術提升、具視頻號用戶基礎,具增長前景。金融科技方面,電子錢包財付通亦具變現能力。
報告指,中期而言,由潛在剝離帶來的上行空間,可提升股東回報,預期利潤率取得結構性提升,微信系統的貨幣化效益改善。
該行預期騰訊第三季收入1,530億元人民幣,按年升9.6%,經調整純利405億元人民幣,按年升26%,維持「買入」評級,目標價由460元下調至419元。
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