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《大行報告》中金:騰訊(00700.HK)如期增持虎牙 進一步整合遊戲直播市場
阿思達克 04-06 14:31
就歡聚集團公告以每股約15.9美元向騰訊(00700.HK)轉讓旗下虎牙1,652萬股B類普通股。交易完成後,騰訊在完全稀釋的基礎上佔虎牙總投票權50.1%,並合併虎牙財務報表。中金發表報告表示,就繼去年9月末併表Supercell後,虎牙併表將進一步貢獻騰訊的收入增長。

該行考慮併表虎牙的影響,上調對騰訊今明兩年收入預測各1.9%及2.4%,維持「中性」評級和目標價356港元,對應今年非通用會計準則市盈率27倍。

該行指,市場一致預期虎牙第二至第四季度收入約90億元人民幣,分別佔該行對騰訊2020年社交網絡服務收入(剔除遊戲分成收入)、增值服務收入和整體收入預測的14%、4%和2%。假設從2020年第二季度開始併表,該行將騰訊2020年社交網絡服務、增值服務和整體收入增速預測從10%、21%和20%,調整至26%、25%和23%。

考慮到虎牙利潤率較低,該行認為交易對騰訊非通用會計準則營業利潤的影響較小:市場預期虎牙併表2020年貢獻非通用會計準則營業利潤9億元人民幣,佔該行對騰訊全年非通用會計準則營業利潤預測0.7%。

中金認為騰訊本次交易旨在進一步整合遊戲直播市場,協同跨行業資源,如熱門電競項目、對大鵝文化和小像互娛等主要遊戲直播MCN機構的投資和對主要遊戲直播平台的投資。該行認為騰訊現有遊戲直播資產的內部競爭有限,主要由於新玩家(快手,B站)主要專注於相對休閒的輕質內容,而鬥魚和虎牙則主要深耕重度賽事內容。

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