野村:騰訊(0700.HK)線上娛樂具防禦力 重申“買入”評級
野村發表研究報告指,騰訊(0700.HK)的盈利表現雖然稍遜預期,但第四季的收入增長及non-GAAP經營利潤仍穩健地分別按年增長25%及30%,該行重申其“買入”投資評級,目標價440港元。
野村表示,騰訊管理層指新型肺炎疫情令商業活動減少,因此有損其雲服務和支付服務,但疫情卻有利於騰訊的娛樂服務,今年首季社交廣告維持強勁增長,相信騰訊將可繼續發揮強項在線上遊戲及教育的廣告上。野村預期,受惠於Supercell及新版號推出,今間手遊收入將按年升33%,全年收入及經營利潤則分別升24%及28%。而隨著小程序廣告的比例增加,該行料整體廣告收入按年升23%。
野村亦指,在環球經濟放緩下,騰訊作為線上娛樂的行業領先者,相信最具板塊防禦力。
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