大行評級|大摩:下調網易評級至“與大市同步” 目標價降至100美元
摩根士丹利發表報吿,下調對網易美股投資評級,由“增持”降至“與大市同步”,ADR目標價由120美元降至100美元。該行下調對該股今年至2026年每股盈測介乎6%至12%,料今明兩年遊戲收入及純利按年升6%至7%。該行指,已在4月把網易剔出首選股名單,基於見到多項風險出現。網易為大型在線角色扮演遊戲市佔估計約五成,該類遊戲有最高的平均每用户收入,但小遊戲市佔在中國正在增加,未來遊戲流水潛力或打折。該行亦指,網易或面對未來投入資本回報下降問題,包括《逆水寒》手遊及《射鵰英雄傳》低價服飾、為《逆水寒》手遊及《蛋仔派對》提供100億元補貼,《夢幻西遊》端遊版調整變現模式。為應對騰訊《元夢之星》,網易去年第四季銷售及推廣成本急升,情況可在《王者榮耀》新遊戲夏季推出時,與《永劫無間》手遊競爭時重演。《燕雲十六聲》手遊及端遊分開推出,亦影響市場對遊戲流水的預期。
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.