《大行報告》建銀國際降騰訊(00700.HK)目標價至411元 料上季經調整淨利潤增39%
建銀國際發表報告指出,騰訊(00700.HK)將於3月20日披露去年第四季業績,該行預期經調整經營溢利及經調整淨利潤將符合預期,但由於基數太高,網絡遊戲增長放緩,收入或略低過市場預期。
該行預期,騰訊上季收入按年增長8%至1,560億元人民幣,市場預期為1,580億元人民幣。季內網絡遊戲增長持平見420億元人民幣,其中國內增長1%,國際遊戲跌2%。另預期在視頻號不斷變現、線下活動正常化及視頻直播的增量收入推動下,公司廣告及金融科技及企業服務(FBS)業務保持增長15%及16%。
此外,該行認為騰訊的新業務利潤增長及成本優化貢獻不斷提升,有助上季經調整經營利潤率按年進一步增長6.7個百分點至34%,帶動經調整經營溢利按年增長34%至528億元人民幣。另對其經調整淨利潤預測按年增長39%至412億元人民幣,意味著毛利率按年增長5.9個百分點至26.4%。
該行維持對騰訊「跑贏大市」評級,目標價由445元下調至411元,對其2023至2025年收入預測下調1%、2%及3%,以反映該行對公司遊戲前景更為保守的看法。
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