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《大行報告》野村升騰訊(00700.HK)目標價至500元 料首季業績可勝預期
阿思達克 05-05 09:51
野村發表報告,估計騰訊控股(00700.HK)首季業績將好過預期,主要受惠手遊及社交廣告業務,估計期內收入將按年增21%至1,030億元人民幣(下同),較市場預期高約2.3%,而該行估算首季按非通用會計準則計算,每股盈利將為2.73元,按年增25%,並較市場預期高約9%。

野村指出疫情對騰訊的遊戲業務而言屬「雙面刃」,一方面手遊收入獲帶動,但PC遊戲業務則因網吧關閉而受拖累,但PC遊戲的弱勢相信可被手遊收入所抵銷。該行估計首季公司整體線上遊戲收入將按年增19%,當中手遊收入有可能升38%,如撇除Supercell的貢獻增長則為28%,而PC遊戲收入則料按年跌一成。

該行估計騰訊線上遊戲方面的強勁勢頭將可維持至次季,一方面是因為現金收入延至次季入帳,另外環球居家抗疫措施亦自3月起帶動海外收入增加。

野村估計騰訊期內廣告收入將按年增30%,主要受惠社交廣告收入升40%,佔整體廣告收入達八成,而媒體廣告收入則有望扭轉去年第四季的跌勢,並按年升2%。該行的調查顯示,騰訊及短視頻平台是少數在艱難環境下仍跑贏的行業,該行料公司的金融科技及雲服務收入則按年增兩成,增速較去年第四季有所洞慢,主要因為疫情影響到線下交易及雲服務採納。該行將公司2020及2021年收入預測升2%及1%,而每股盈測則升3%及2%,以反映手遊收入預測增加,目標價由440元升至500元,相當預測今年市盈率35倍,維持「買入」評級。(el/w) ~

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