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野村下调腾讯(0700.HK)目标价至430港元重申“买入”投资评级
格隆汇 07-24 12:17

野村发表报告表示,重申对腾讯(00700.HK)“买入”投资评级,但按分类加总估值法(SOPV)方式作估值,目标价由原来432港元下调至430港元,予其手游业务估值为1,030亿美元(相当今年预测市盈率16倍)、予微信广告业务估值1,180亿美元(相当今年预测市盈率35倍)、予微信支付业务估值2,000亿美元(相当今年预测市盈率19倍)。

该行估计腾讯今年第二季业绩表现会逊于市场预期,料第二季收入按年升21%至893亿人民币,较目前证券同业预测937亿人民币低约5%;该行料,腾讯第二季非通用会计则下每股盈利预测为2.28元人民币(按年升11%),较证券同业预测2.36元人民币低约3%。

野村料,腾讯今年第二季广告收入持续疲弱,按年增长放缓至19%(首季增25%)。撇除宏观经济影响因素,基於腾讯视频广告服务为其媒体广告业务收入主要组成部份,但基於内地收紧对内容的规管,或会对其视频广告服务构成影响。

该行下调对腾讯2019年及2020年非通用会计则的每股盈利预测各6%及3%,分别至9.21及10.85元人民币,料其2019年及2020年非通用会计则纯利预测各为880.78亿及1,038.46亿人民币。

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