富瑞:維持騰訊(0700.HK)“買入”評級 目標價455.3港元
富瑞發佈報告稱,維持騰訊(00700.HK)“買入”評級,目標價455.3港元,當中145.2港元及70.9港元估值為網上游戲及網上廣告,62.1%元估值服務,32.7港元為雲業務、104港元為金融科技、38.9港元為投資項目,1.6港元為淨現金。
該行稱,就與手機制造商的收入分成,騰訊正與數間手機制造商合作,在2019年7月後推出的新遊戲,可獲得更佳的分成比例。小程序有不同領域可為商户增值,包括尋找體驗、統一商户商品的二維碼,令物流及售後服務可使用,即場廣播功能以推動交易。
至於金融科技變現化,該行表示,金融科技現覆蓋四大領域、包括支付、財富管理、保險及借貸。支付已創造支付生態系統及擁有廣闊商户網絡,而微信支付積分可更有效收購新用户及增加重覆購買。分別體現在以下幾方面:騰訊在財富管理上加強產品及創新;在保險方面與保險公司合作、同時與微眾銀行合作借貸產品,不會在資產負債方面負上風險;在支付上擁有有基礎可在金融科技產品產生協同效應,且支付收入是在金融科技主要收入。
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