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《大行報告》建銀國際升騰訊(00700.HK)目標價至416元 上季收入略遜惟盈利超預期
阿思達克 03-21 11:18
建銀國際發表報告指出,騰訊(00700.HK)去年第四季業績好壞參半,季內總收入按年增長7%至1,550億元人民幣,較該行及市場預期低0.5%及1.4%;經調整淨利潤按年升44%至427億元人民幣,則高過該行及市場預期4%與2%,毛利率勝預期。 該行提及,騰訊上季遊戲收入按年跌2%至409億元人民幣,略低過該行預期。廣告收入按年增長21%至298億元人民幣,超過該行預期,視頻號(VA)需求強勁。金融科技及企業服務(FBS)業務收入按年增長15%至544億元人民幣,符合預期。毛利率50%,連續四個季度有改善,按年增長733點子或按季升49點子。經調整經營溢利按年增長35%至491億元人民幣,意味著淨利潤率為31.7%,按年增長653點子。 此外,騰訊管理層建議每股末期息3.4元,按年增長42%,派息率達25%,按年升15個百分點。公司計劃將回購額度由2023年的490億元,擴大至今年的1,000億元。 該行維持對騰訊的「跑贏大市」評級,對其今明兩年收入預測下調2%及3%,以反映遊戲勢頭疲弱;對其盈利預測略為上調1.1%及0.8%,反映毛利提高。對該股目標價由411元上調至416元,認為公司收入增長持續穩健。另估計今年首季公司遊戲恢復按年升2%的溫和增長;經調整淨利潤按年升38%。 該行又料騰訊將於今年第二季推出如《地下城與勇士》手遊等遊戲,推動遊戲收入增長加速,支持該行對騰訊今年遊戲/總收入增長7%/11%的預測,估計全年經調整經營溢利按年增長17%。
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