瑞信:升騰訊(0700.HK)目標價至460港元 評級“跑贏大市”
瑞信發表報告,相信騰訊(0700.HK)
股價經過去年的跑輸表現後,已反映市場對其主要增長的憂慮(例如媒體廣告及電腦遊戲業務疲弱),預期集團各個業務在今年的表現會有所改善,而原本已很低的預期亦有足夠空間令市場有驚喜。
該行表示,騰訊現價相當於今年預測市盈率29倍,稍低於其歷史平均的30倍,維持對騰訊的“
跑贏大市
”評級,目標價由453港元上調至460港元,以反映集團上市聯營公司的價值提升及對盈利預測的微調。
瑞信又相信,騰訊今年遊戲業務表現將保持強勁,主要基於業務有可觀的產品線,加上海外市場的貢獻增加,預計集團今年線上遊戲的總收入按年增長將加快至16%。至於線上廣告業務,在經歷去年廣告市場供過於求及加強內容監管後,瑞信認為最壞時期已過,騰訊在媒體廣告方面有望恢復增長,並保持在社交廣告的強勁勢頭。
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