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《大行報告》匯豐研究升騰訊(00700.HK)目標價至511元 料有多重引擎引領升勢
阿思達克 05-04 14:28
匯豐研究發表的報告指,騰訊(00700.HK)將於5月13日公布首季業績,該行估計儘管宏觀環境較困難,公司收入仍會按年增18%,但盈利增長則會減慢至10-20%水平,主要因為期內低利潤的海外手遊比例增,加上有一次性的投資虧損約30億元人民幣,此外期內影片內容成本有所增加,而企業微信及教育方面流量增加亦要增加頻寬成本。該行下調了公司今年首季及2020財年按非通用會計準則計算的淨利預測,分別下調18%及7%,但就將2021及22財年的預測分別升4%及5%,目標價由458港元上調至511港元,維持「買入」評級,認為公司多元化業務較同業較具彈性,有多重引擎引領升勢。

在遊戲業務方面,該行認為公司在《和平精英》方面表現趕上《王者榮耀》,兩個遊戲的日活躍用戶分別為7,900萬戶及8,400萬戶,分別按年增18%及24%,而兩個遊戲的3月份日均遊戲時間分別為139分鐘及190分鐘,分別按年增57%及50%。該行估計騰訊手遊業務增長39%,但由於網吧關閉,估計PC遊戲將拖累盈利表現,估計遊戲業務強勁的勢頭將持續至次季,主要受惠夏季的推廣活動及《地下城與勇士》手機版推出。

在廣告業務方面,社交廣告勢頭強勁可抵銷媒體廣告的弱勢,而小程序將繼續是主要的催化劑。該行估計首季社交廣告將按年增35%,而媒體廣告則按年跌12%,小程序去年交易額達8,000億元人民幣,相信亦有助搶佔廣告預算,並帶動新的廣告需求等。在金融科技方面,公司的「健康碼」在疫情下是重要的數碼化舉措,而隨著公司在3月份推出「分付」功能,認為非接觸式支付亦開始見復甦,但對相關業務看法維持審慎,認為與阿里(09988.HK)的「花唄分期」有直接競爭。(el/u) ~

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