匯豐研究:予騰訊(0700.HK)“買入”評級 目標價483港元
匯豐環球研究發表報告表示,就內地於農歷新年期間新冠狀病毒疫情持續蔓延,該行對中國互聯網股份進行盈利敏感性分析,雖然目前仍是過早量化疫情事件對相關企業的盈利影響,但見從事內地廣告及旅遊業股份於1月14日至29日股價已各跌11%及13%,而從事內地網遊及電子商務的股份股價相對穩固,分別僅跌1%及8%,相信是更多居民傾向留在家中、快速消耗品(FMCG)及邊遠城市線上銷售滲透率上升,而中國交通運輸部指農曆新年出行人數下滑,將對旅遊相關企業盈利帶來下行壓力。
據內媒本週一報道,騰訊(0700.HK)
旗下網遊《王者榮耀》於農歷新年前夕的流水達17億至20億人民幣,較2019年水平按年升31%至54%,主要是日活躍用户達頂1.2億至1.5億(對比去年1.1億,按年升9%至36%)、遊戲推出更多獎勵制度(如紫星幣)。
匯豐環球研究指,按敏感性盈利分析,騰訊旗下手遊收入增長每提高5個百分點,可提升公司今年每股盈利1%(可令公司估值預測升至489港元);騰訊旗下手遊收入增長每提高10個百分點,可提升公司今年每股盈利3%(可令公司估值預測升至495港元)。而該行予騰訊“
買入
”投資評級及目標價483港元。
但該行指,內地疫情將累拖食物外賣行業,估計美團點評(3690.HK)
短期盈利預測有下行壓力,指美團到店酒旅業務為集團今年主要盈利引擎(料佔今年純利三分之二);該行料美團到店酒旅業務盈利增長放緩10個百分點、食物外賣業務增長放緩5個百分點,估計會令美團估值跌至每股91港元(該行現予美團點評“
買入
”評級及目標價138港元)。
匯豐環球研究稱,市場正反應內地疫情對廣告行業影響,該行相信暫未會調整盈利預測,但相關股份將受壓及股價跑輸大市,該行在行業中較喜愛在美上市的阿里巴巴、以及騰訊,因兩公司業務較多元化,旗下生態系統擁有龐大用户。而該行重申對騰訊、阿里巴巴、美團點評均為“
買入
”評級,相信未來盈利將可復甦。
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