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《大行報告》瑞信上調騰訊(00700.HK)目標價至500元 料首季經調整盈利升22%
阿思達克 04-20 09:46
瑞信發表報告表示,該行認為騰訊(00700.HK)來自線上遊戲方面的盈利增長具可見性,而受惠微信生態圈流量變現,廣告收入的彈性亦逐步提升,微調了對騰訊2020及2021年盈利預測約各3.4%及4.3%,目標價由460港元升至500港元,此按綜合方式作估值,對其估值預測延伸至2021年年中,維持「跑贏大市」評級。

就騰訊將於5月13日公布首季業績,該行預期收入將按年增20%至1,026億元人民幣(下同),而經調整溢利則料按年升22%至256億元,料純利210.76億人民幣按年升20.5%。該行估計騰訊手遊及社交廣告將仍然是主要首季增長引擎,而受惠玩家流量增加等,《和平精英》及《王者榮耀》料可帶動首季手遊收入將按年增長46%至309.58億。

在疫情下社交廣告估計仍能維持勢頭,瑞信料騰訊首季增長將為28%,而PC遊戲及媒體廣告則受疫情影響呈弱勢,在金融科技及其他增長方面,該行估計增速將減慢至22%至266.29億,主要因為疫情拖累線下交易量及雲服務延誤等。

該行指出需要留意疫情後公司對業務的展望,特別是廣告及支付業務方面,同時要留意其利潤前景及遊戲方面的發展。(el/w) ~

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