《大行》大摩升騰訊(00700.HK)目標價至650元 料次季收入與盈利增長穩固
摩根士丹利發表報告,指受益於遊戲和廣告業務的穩固增長,金融與企業服務(FBS)略有回升,預計騰訊控股(00700.HK)今年次季的營收和盈利增長穩健,其收入和非國際財務報告準則(non-IFRS)計營業利潤料分別增長11%和14%。因人工智能投資增加,營業利潤槓桿效應將有所收窄,但利潤率仍有望持續擴大。
大摩重申騰訊為首選股,反映其穩固收入與盈利增長,以及對持續競爭風險的有限曝露,同時重申「增持」評級。以分類加總計算法計,對其目標價上調3%,由原先630元上調至650元,對應預期2026年市盈率18倍,較當前15倍估值有一定上行空間。
由於AI投資增加,大摩將2025年和2026年的盈利預測分別下調2%和3%。但因將折現現金流估值期從2025年延至2026年,並採用該行最新匯率預測,目標價有所上調。
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