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《大行報告》大摩:蘋果(AAPL.US)預設瀏覽器變更應對歐盟監管 料導致部分用戶從Safari轉向Chrome
摩根士丹利發表報告指出,為配合歐盟《數碼市場法》,蘋果(AAPL.US)變更歐盟地區的iOS、Safari與App Store,將於3月起允許歐盟用戶(已升級至iOS 17.4或更高版本),從選項清單中選擇預設瀏覽器。 該行相信,蘋果預設瀏覽器變更可能會導致部分用戶從Safari轉向Chrome,雖然應不會對總收入產生重大影響,但可能會減少Alphabet向蘋果支付的流量獲取成本(TAC),明年Alphabet的TAC或可節省9.1億美元,相當於搜尋業務淨收入/EBIT增加0.5%/0.7%。該行估計,每10%的歐盟iOS用戶將預設瀏覽器從Safari切換至Chrome,將可為Alphabet節省2.5億至3.5億美元,如100%採用率,料每年可節省25億至35億美元。 然而,該行提及儘管有關變化對搜尋業務產生正面影響,但Google或面臨額外壓力,如要求降低Play商店費用,以應對蘋果App Store費用變化及歐盟《數碼市場法》。實際上,對Alphabet的淨影響或微乎其微(取決於未來Play商店的潛在變化。該行對Alphabet(GOOGL.US)評級「增持」,目標價150美元。
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