《大行報告》高盛下調嗶哩嗶哩-W(09626.HK)目標價至105元 評級「中性」
高盛發表報告,上調對嗶哩嗶哩-W(09626.HK)今年收入預測0.4%,基於更強勁廣告及增值服務收入,抵銷遊戲重組對遊戲推出能見度的影響。料今年淨利潤率按年升1.7個百分點,反映遊戲收人增長減慢由研發削減及行政開支紀律抵銷。目標價由121元降至105元,維持「中性」評級。
高盛指,管理層提供逐漸正面的展望,包括恢復收入雙位數按年增長及重申在第三季收支平衡。公司股價績後下跌,是因為今年收入組合展望與市場共識有偏差,以及該股早前跑贏大市。
該行相信公司將旨在加快廣告及增值服務業務變現化,因為主要應用程式已成熟,日活躍用戶亦史上首度按季下跌,縱使收入增長需要廣告科技升級的更好執行及遊戲業務回穩。往後毛利率及經營溢利率的穩定性,將為公司第三季收支平衡的關鍵,縱使盈利率擴張的可持續性將需繼續觀察。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.