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《大行報告》美銀證券降騰訊(00700.HK)目標價至410元 利潤率結構性擴張
阿思達克 03-21 16:35
美銀發表報告指,騰訊(00700.HK)去年第四季收入按年升7%至1,550億元人民幣,高於該行預測的1,540億元人民幣及略低於市場預測的1,570億元人民幣,但毛利率增長較內生增長更具意義,因毛利率可結構性擴張。 該行又指,騰訊去年第四季毛利按年升25%,高於該行預測的升22%,受毛利率按年升7個百分點至50%推動,高於市場預測的49%。非國際財務報告準則純利錄更快的44%按年增速至430億元人民幣,高於市場預期的420億元人民幣。騰訊亦增加股東回報,股息按年增加42%及最少增加回購1倍至逾1,000億元,相當於市值逾4%。 該行重申對騰訊「買入」評級,基於其結構性盈利能力擴張、廣告市佔增加及微信為基礎服務的變現化空間。但下調今年收入增長預測至8%,反映疲弱遊戲業務,但維持經調整純利按年升18%預測。目標價由472元降至410元,反映內地宏觀經濟增長放緩。
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