花旗:維持騰訊(0700.HK)“買入”評級 目標價424港元
花旗發表的研究報告指,騰訊(0700.HK)
第三季業績表現較弱,主要因媒體廣告收入差過預期,而手遊收入增長亦較慢,正面來看社交廣告增長加快至按年升32%,而云服務收入亦按年增80%,金融科技方面經營利潤亦達雙位數,此外受惠《PUBG Mobile》帶動,來自海外遊戲的貢獻增加。展望將來該行相信短期社交廣告、金融科技、商業服務及海外遊戲表現可帶動增長,惟仍將其目標價由433港元降至424港元,維持“
買入
”評級。
該行調整了公司2019-2021年收入及每股盈測,並預期今年第四季手遊收入將按年增39%、按季增9%,而電腦遊戲則料按年跌6%,另外亦預期第四季線上廣告收入將按年增13%至193億元人民幣,社交廣告及媒體廣告則分別按年升27%及跌19%。
該行相信金融科技及商業服務收入增長今季將穩定在36%,主要受惠商業支付交易、用户平均交易宗數增加以及財富管理產品方面的增長,另外雲服務收入亦料會增至47億元人民幣,主要受惠教育、金融、零售等多個層面的用户基礎擴張。
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