野村:升騰訊(0700.HK)目標價至437港元 評級“買入”
野村發表研究報告指,騰訊(0700.HK)
第三季收入和非標準會計準則下的每股盈利,均符該行預期,但略遜市場預期。手機遊戲、社交媒體廣告、金融科技、雲服務都有令人驚喜的增長,惟電腦遊戲和媒體廣告收入弱。非標準會計準則經營溢利為27.5%,勝預期(26%),主因毛利較高。
該行維持對第四季及明年廣告業務增長加速預期,料增速分別為26%及31%。手機遊戲收入亦會加快,主要動力來自《和平精英》、即將推出的手機版《英雄聯盟》,及合併芬蘭遊戲開發商Supercell的報表帶動。
該行又指,金融科技收入升29%,佔整體收入23%。撇除付費用户存款利息收入,可比較增長達41%。更令人驚喜的是,公司指有關業務的經營溢利達雙位數。此外,小程序日均活躍用户達3億,相信是來自微信用户推動。
野村上調騰訊今明兩年經營溢利預測分別4%及26%,以反映高利潤和收入預期,將今年非標準會計準則每股盈利下調3%,以反映非經營利潤下降,但上調明年預測17%,維持“
買入
”評級,目標價由428港元升至437港元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
![](/hk/assets/image/code.84ab0b.png)
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.