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《大行報告》建銀國際降嗶哩嗶哩-W(09626.HK)目標價至120.8元 料季績無驚喜
建銀國際將嗶哩嗶哩-W(09626.HK)今年預測市銷率由2倍下調至1.8倍,較其長期平均值低一個標準差,以反映整體中國互聯網行業受宏觀逆風的困擾,目標價由133.9港元,下調至120.8港元;嗶哩嗶哩(NTES.US)目標價由17.2美元,降至15.5美元。該行看好嗶哩嗶哩,不斷擴大的用戶群,其賺錢能力不斷改善,以及虧損續收窄。評級維持「跑贏大市」。 建銀國際預期嗶哩嗶哩去年第四季業績無驚喜,整體收入按年升3%至63億人民幣,符合市場預期,增值服務穩健足以彌補遊戲表現慘淡。撇除終止某些遊戲項目以及精簡人手的非經常性開支,估計嗶哩嗶哩的非公認會計原則營運虧損收窄54%至6.5億人民幣,使其可望於今年第三季或第四季實現收支平衡目標。該行預期嗶哩嗶哩上季非通用會計準則淨虧損6.4億人民幣,按年減少51%,符合市場預期。
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