《大行報告》招銀國際降騰訊(00700.HK)目標價至458.5元 持續推進微信貨幣化
招銀國際發表報告指出,預期騰訊(00700.HK)在經營槓桿、核心業務領域競爭地位提升,以及微信生態系統創新的增量貢獻的支持下,公司去年第四季將持續實現優質盈利增長。
此外,該行料騰訊基於收入組合轉向毛利率更高的業務(如微信視頻號及小遊戲),其非國際財務報告準則(non-IFRS)淨利潤率預測將由2022年的21%增長至2025年的28%。儘管遊戲收入或因季節性因素影響變現而令增長放緩(尤其是去年第四季),但該行對騰訊國內遊戲市場的長期領導地位,以及進軍海外遊戲市場的能力持正面看法。
該行認為,市場就新遊戲監管政策對騰訊的影響反應過度。鑑於騰訊盈利增長前景穩固(2023至2025年年均複合增長率為20%),公司目前估值相當於2024年預測市盈率13倍,提供吸引的風險回報。該行對其目標價由465元下調至458.5元,維持「買入」評級,認為公司持續推進微信貨幣化,而微信的創新將重振騰訊業務,持續成為公司今年盈利增長的關鍵驅動力。
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