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《大行報告》匯豐研究:騰訊(00700.HK)社交平台廣告增長加快 金融科技業務毛利率改善
阿思達克 03-19 14:23
匯豐研究發表報告,指騰訊(00700.HK)剛公布的盈利表現符合該行預期,受到廣告及遊戲增長強勁,以及主要業務的盈利能力改善所帶動,第四季的表現超出預期。該行認為騰訊多元化的收入來源成為公司抵禦不利因素的屏障,並開始意識到其未變現物業的長期潛力。

該行指,其社交廣告業務在第四季增長加快,印證了公司在競爭加劇的環境中仍是最強大的平台,預料廣告網絡的擴展將持續帶動公司2020年的相關收入按年增長29%。另外,公司的金融科技業務在首季遇上不利因素,但盈利能力仍可控,預期在2020年其支付業務收入按年增長66%。至於在遊戲業務方面,第四季的國際遊戲收入佔整體23%,較前一季的逾10%有所上升。

該行指出,該行認為其社交廣告、支付業務盈利能力及遊戲業務的改善情況理應能在未來數季持續,將其2020及2021年純利預測分別上調1%及3%,目標價維持在458元不變,維持「買入」投資評級。

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