《大行报告》摩通下调腾讯(00700.HK)目标价至450元指广告业务续存挑战
摩通发表的研究报告指，虽然腾讯(00700.HK)次季营运及财务表现好坏参半，但该行对其股价展望仍然正面，一来是因为手游业务增速能见度增加，二来是公司的成本管控措施，有助改善利润前景，另外现时公司估值亦吸引。该行指出公司的销售及营销开支已连续三个季度录按年下跌，而次季则按年下跌26%，可抵销期内收入弱势有余。该行估计成本管控在下半年仍会持续，带动公司盈利增长加快，现时估计下半年公司盈利可增长40%以上，重申「增持」评级，目标价由460元降至450元。
该行指出，腾讯在电脑游戏上的弱势逐步稳定下来，有信心下半年手游业务增长可进一步加快，主要因为次季手游收入按季升5%，延後收入亦按年增长25%。此外「和平精英」作为公司上半年表现最好的新游戏，同时亦是一只自家开发的高利润手游，虽然腾讯电脑游戏收入下跌逊预期，但认为势头在下半年可回稳，而「英雄联盟」近期用户增长及变现势头亦有向好。
摩通指出对腾讯下半年及明年线上广告业务看法更为审慎，特别是社交广告，主要因为宏观环境将影响来自汽车、金融行业等的需求，而其他私人的新媒体平台在争取广告库存供应上仍十分进取，相信压力在未来数季难以缓解。
而在金融科技及支付服务方面，该行相信公司正由获取客户，转向生态系统内跨平台销售，随着微信钱包内的金融产品供应增加，用户有更大机会将资金留在相关生态圈内，预期趋势将在未来数季持续，或会为公司收入生成带来短期压力，但长远有利生态系统建立。
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