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《大行報告》摩通:市場對徵求意見稿反應過度 為騰訊(00700.HK)及網易(09999.HK)提供吸引力入市點
摩根大通發表報告,認為遊戲股短期被拋售可能會在未來幾天持續,但認為市場對上周五《網絡遊戲管理辦法》草案徵求意見稿反應過度,為騰訊(00700.HK)及網易(09999.HK)提供吸引力入市點。該行預計草案內容將對騰訊和網易的遊戲變現產生負面影響,但影響不大。在兩者之間,預計網易受到的負面影響相對大於騰訊。該行給予網易目標價195元,評級「增持」。 在財務方面,摩通認為意見稿對騰訊和網易產生的負面影響不大,因為預計意見稿中的措施將對內容質量低、變現程度高的開發商和發行商產生更大影響。而騰訊和網易的遊戲質量普遍高於業內同行。 該行認為,意見稿提及的措施意圖是遏制非故意和非理性的遊戲內消費,而不是有意的過度遊戲內消費。對於非理性消費行為,應提供彈窗警告提醒用戶。該行解讀是即使設置了充值限額,超額消費行為仍有可能發生,一旦發生,將提供警告,而不是終止消費行為。因此預計充值限制最有可能以單筆交易為基礎,而不是以總消費為基礎。
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