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大行評級|瑞銀:騰訊透露無意發行可換股債券 明確提出未來的增長動力
格隆匯 05-29 16:57
瑞銀髮表報吿指出,與騰訊首席戰略官James Mitchell進行爐邊談話,集團透露無意發行可換股債券,因集團自由現金流強勁(該行料2024財年達340億美元)、投資組合規模大,加上於3月底止擁有120億美元的淨現金,有望繼續為股份回購提供資金。儘管票面利率較低,但管理層認為發行可轉債的實際成本是最終導致股權稀釋,相信回購自家股份或外部投資所產生的內部報酬率(IRR)更高。該行引述騰訊管理層對人工智能初創公司投資方面較為謹慎,並持選擇性態度,目前投資表現良好。騰訊在算力及內容方面具有優勢。此外,隨着削減成本的時代基本過去,騰訊仍能從收入結構的轉變和高毛利率的新業務中,實現明顯的毛利上升空間。投資方面,雖然主要的投資組合是基於財務決策,惟部分戰略合作關係,如對遊戲工作室和唱片公司的上游投資,仍有待全面展開。該行認為騰訊管理層對前景正面,已明確提出未來的增長動力,包括近期成功推出《地下城與勇士》及Supercell遊戲正恢復,以及中期電商直播、AI與投資等因素。該行重申對騰訊“買入”評級,目標價480港元。
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