《大行》匯豐維持對騰訊(00700.HK)核心業務展望 升目標價至650元 維持「買入」評級
匯豐環球研究發表報告指,維持對騰訊控股(00700.HK)核心業務展望不變,預計其2025年廣告收入增長為18%,又因騰訊廣告技術的持續提升、迷你遊戲增長帶動下廣告預算增加、受益於更高查詢量和點擊率的搜索廣告、視頻賬戶這幾個因素,對上述廣告收入增長的信心進一步增加。
該行預計,電子商務和外賣領域的激烈競爭對騰訊廣告增長的影響將較為有限,同時認為騰訊旗下遊戲《三角洲行動》的強勁表現預計將緩衝國內遊戲增長在今年第二季的放緩,並受到經典遊戲的持續強勁貢獻支持。
匯豐環球研究續指,隨著騰訊AI產品如IMA和Qbot獲得了穩定的採用,預計其資本支出維持在預期之內,而金融科技業務的註冊資本增加,有助於騰訊持續擴展其支付和貸款業務。匯豐環球研究表基於較低的加權平均資本成本(WACC)因素,將騰訊目標價由630元上調至650元,此按現金流折現率方式作估值,維持「買入」評級。
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