汇丰研究下调腾讯(0700.HK)目标价至430港元评级“买入”
汇丰环球研究发表报告表示,腾讯(00700.HK)的股价自4月中以来已累积调整20%,主要是由于贸易紧张局势重新升级、以及广告业务因为宏观挑战而疲弱。正如该行早前的预期,腾讯的成本控制令盈利表现符合预期,该行对腾讯独特的小程序生态仍具信心。

基于内容成本上升及低毛利率业务的混合转移,该行将腾讯2019至2021财年的经调整EBITDA下调1至4%,目标价由原来的464港元调至430港元,维持“买入”投资评级。
汇丰环球研究表示,对腾讯未来的正面盈利复苏感乐观,并会在2020年智能手机游戏的渠道成本下降重拾升势,相关因素是该行早前的预测中没反映出来的。
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