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《大行報告》瑞銀下調騰訊(00700.HK)目標價至430元 評級「買入」
阿思達克 03-20 10:13
瑞銀發表的研究報告指,近期市場調整為買入騰訊控股(00700.HK)製造了機會,認為風險回報吸引,另外亦見到公司自去年中開始有改善的跡象,特別是手遊及金融科技方面。出去年第四季的表現反映公司在手遊及金融科技上有改善,在手遊方面,「PUBG Mobile」及「Call of Duty Mobile」都反映了騰訊有能力開發外國的產權,並捕捉海外增長機遇。而在金融科技及企業服務方面第四季收入增長加快,該行的調查亦顯示支付業務競爭維持理性,認為抽成及利潤均有擴張空間。另外,該行對騰訊長視頻業務虧損收窄以及社交廣告增長加快均亦感驚喜。

針對內地新型冠狀病毒爆發,該行下調首季金融科技及企業服務收入增長至20%,以反映線下支付交易下跌及企業雲服務延遲等的影響,另外亦料媒體廣告將有18%的跌幅,但就估計社交廣告會有22%的增長,主要因為朋友圈廣告位置增加,以及用戶留在家中、在線時長增加。該行估計疫情帶來的影響部分會延至第二季,但情況在下半年將回復正常。

總體而言該行將今年首季收入預測降4.9%至1,000億元人民幣,EBITDA預測則降1.2%至362億元人民幣,雖然去年第四季業績理想,但仍將今年收入預測降2.1%至4,618億元人民幣,EBITDA預測則降2.5%至1,580億元人民幣,目標價由460元降至430元,評級「買入」。

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