交銀:疫情有利騰訊(0700.HK)遊戲營收或創新高 重申買入評級
交銀國際發表報告表示,騰訊(0700.HK)去年第四季調整後每股收益為2.65元(人民幣.下同),按年升29%,按季升4%,較該行預期高6.5%,而期內收入1058億元,按年增長25%,按季升9%,亦超出市場及該行預測2%及2.5%,主要受惠於好於預期的金融、雲收入及閲文IP運營收入,重申其“買入”投資評級,目標價465港元。
報告指,新冠肺炎疫情爆發,有利騰訊遊戲業務,遊戲營收可能會創歷史新高,1月王者榮耀流水或達40-50億元,而和平精英2月APP Annie暢銷榜亦排名第一。此外,數字內容訂閲受惠於用户時長增加和旺季影響,而企業微信、騰訊會議和醫療產品亦可快速獲客。不過,負面影響方面,市場不確定性或將導致廣告收入下降,同時線下消費減少影響支付收入,以及雲業務延期短期內將影響收入確認。
交銀又預計,騰訊2020年第一季收入為2016億元,按年增長20%,低於原27%的增長預期,以反映上述短期下行風險,並料調整後每股收益將按年增6%,淨利潤率為22%。騰訊2B業務疫情結束後有望迅速恢復,廣告業務表現優於市場。
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