《大行報告》摩通:網易-S(09999.HK)股價劇烈調整屬過度 建議投資者趁機買入
摩根大通發表報告指,上周五國家新聞出版署發布網絡遊戲管理辦法草案後,網易-S(09999.HK)股價大跌,初步估計新政策對遊戲收入的貨幣化影響少於10%,雖然實際影響仍屬未知數,但相信股價劇烈調整屬過度反應,建議投資者趁機買入,因為當局其後的回應以及批出國產遊戲版號數量增加,都反映政策對網絡遊戲的支持。
該行對網易12個月的表現保持正面,主要因為公司聚焦於高質遊戲,遊戲貨幣化亦傾向日均用量較高的產品,明年上半年將會展開新一輪遊戲周期,以及在國際遊戲方面具有豐富的機遇。摩通認為網易目前估值吸引,現價反映今年預測市盈率11倍,投資者可以趁低吸納,目標價195元,評級「增持」。
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