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高盛:升騰訊(0700.HK)目標價至485港元 評級“買入”
格隆匯 02-18 11:59
高盛發表研究報告指,閲過韓國遊戲公司NEXON去年第四季業績後,留意到在手機版《地下城與勇士》(Dungeon & Fighter)方面的進展,公司與騰訊(0700.HK)在去年12月進行的第二輪的閉門測試中亦有令人鼓舞的成果,相信遊戲有機會在今年次季尾推出,但具體推出日期仍有機會改變。現時遊戲已有1,700萬人預先登記,相信最少7,000個核心騰訊遊戲玩家已參與第二輪測試,估計手遊版將複製大部分PC版受歡迎的元素,但如果遊戲進一步延遲推出或會挑戰玩家的耐性。
該行指出NEXON的管理層指雖然受新型冠狀病毒疫情影響,用户在線時間增加,但暫時未見PC端玩家參與度有改善,該行認為PC遊戲表現或受網吧關閉所拖累。同時,Supercell盈利自第四季起將與騰訊整合,公司最近亦公佈了2019年業績,其收入達到15.6億美元,按年輕微下跌,而EBITDA則由2018年的6.35億美元跌至5.77億美元,雖然去年其收入持平,但留意到《荒野亂鬥》去年全年營收達2.8億美元,是公司新的增長引擎,遊戲亦是韓國排名首位的遊戲。Supercell估算有10%的南韓人是《荒野亂鬥》的活躍玩家,而公司早前亦在釜山舉行了《荒野亂鬥》世界賽決賽。
該行相信Supercell是騰訊的重要資產,相信雙方很大機會會有更緊密、更廣泛的合作,認為Supercell在已發展國家的手遊市場上了解更多,相信騰訊會在相關市場上擴展,而騰訊擁有強大的遊戲工作室及中國市場,可為Supercell擴展提供支持。該行予騰訊“買入”評級,目標價由480港元升至485港元。

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