《大行報告》中銀國際料徵求意見稿對騰訊(00700.HK)及網易(09999.HK)長遠營運及財務無重大影響 惟短中期估值某程度上受抑制
中銀國際發表報告指出,國家新聞出版署上周五(22日)意外發布《網絡遊戲管理辦法(徵求意見稿)》,其中包括涉及遊戲開發、發行、營運及變現等64條指導方針。該行認為,大部分的方針是對先前措施的重申,相信所有國內開發商都已完全遵守該些措施,並不會對其財務產生重大影響。
不過,該行謹慎地認為,該方針的部分內容可能會對國內遊戲開發商在內地市場的遊戲營運及變現策略帶來重大影響,惟在進一步詳細澄清或明確規定之前,現階段無法量化財務影響。而是次草案將在中短期內抑制市場情緒,尤其是遊戲股方面。
該行認為,如果有關方針進一步細化和執行,每付費用戶平均收益(ARPPU)較高但用戶基數相對較低的遊戲、高度依賴玩家對戰(PVP)模式的遊戲,以及角色扮演遊戲(RPG)與模擬戰略類遊戲(SLG)等高消費集中度的遊戲,將較其他遊戲類型面臨更多挑戰,意味著對企業的遊戲營運能力要求更為嚴格。
此外,該行將動態評估當局頒布更詳細指導方針後,對企業帶來的財務影響,但預期對騰訊(00700.HK)及網易(09999.HK)長遠營運及財務無重大影響,因他們有豐富的遊戲專業知識、堅定的全球遊戲策略和強大的執行能力,惟估計短中期估值某程度上將受抑制。
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