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《大行報告》摩通降網易-S(09999.HK)目標價至195元 下調短期遊戲收入預測
摩根大通發表研究報告指,對網易-S(09999.HK)(NTES.US)近期的遊戲收入看法變得更加保守,並將今年第四季及明年首季的遊戲收入預測分別下調4%和5%,而H股目標價則由200元下調至195元,續予「增持」評級。 該行表示,騰訊(00700.HK)將於12月15日推出元夢之星(DreamStar),對蛋仔派對(Eggy Party)有潛在收入影響,而且今年第四季新遊戲收入趨勢疲弱。而網易自11月公布第三季業績以來,其股價已下跌7%,該行認為是由於年初至今表現優異後的盈利了結,及市場對推出元夢之星和未來遊戲收入的憂慮,雖然該行認為網易的估值不高,但預計其近期股價將在100至110美元之間波動。不過,該行對集團未來12個月的增長保持樂觀,預計新遊戲發布週期將於明年第一季末開始,有助加快明年次季的遊戲收入增長。 該行下調集團2023及24年的收入預測1%和2%,主要是反映較低的遊戲及直播收入,又降期內經調整淨利潤率0.1及0.4個百分點,而每股盈測則相應下調1%和3%。
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