麥格理:首予騰訊(0700.HK)“跑贏大市”評級 目標價410港元
麥格理髮表報告表示,首予騰訊(00700.HK)“跑贏大市”評級及目標價410港元,與該股歷史平均市盈率30倍的水平一致。該行認為,騰訊自2014年以來毛利率持續下降的勢頭在2019年出現減慢並趨於穩定。
不過,報告補充,騰訊四大增長支柱,包括線上娛樂、遊戲、廣告及金融科技正面對逆境,主因是市場競爭及監管收緊等。該行稱,上述領域中的任何一個或某些領域出現適度復甦都可以支持盈利有好於預期的增長,又指騰訊現價與其歷史交易區間相比為負一個標準偏差,認為現價已反映目前充滿挑戰的環境,惟看到勢頭開始恢復而帶來的上行空間。
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