研報掘金丨中金:維持騰訊目標價600港元及“跑贏行業”評級不變
中金髮表報吿,維持騰訊控股(0700.HK)目標價600港元及“跑贏行業”評級不變,並上調其今明兩年收入預測2%及4%,至7308.36億元及7841.96億元。騰訊首季收入同比增13%,至1800億元,高於中金預期2.4%,及高於市場預期2.5%,主要受遊戲、廣吿收入超預期;非國際財務報吿準則盈利升22%,至613億元,亦高於中金及市場預期1%及3%,受惠多項業務毛利率超預期。基於騰訊廣吿和遊戲收入的快速增長,故調高今明兩年收入預測。不過,仍面對監管風險、新遊戲上線不及預期,以及成本或費用率高於預期。中金料騰訊今明兩年非國際財務報吿準則盈利分別為2546.57億元及2802.84億元,預期今明兩年市盈率20.1倍及18倍。
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