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《大行報告》匯豐研究上調騰訊(00700.HK)目標價至559元 評級「買入」
阿思達克 05-14 10:03
匯豐研究發表的報告指,騰訊控股(00700.HK)首季表現強勁,但公司展望相對保守,並指出遊戲增長在內地復工後或回復正常,而在廣告及雲服務方面短期亦有挑戰。該行認為公司的遊戲產品線強勁,而令人期待的《地下城與勇士》(Dungeon & Fighter)手遊確認會在夏季推出,配合《王者榮耀》及《和平精英》兩大遊戲,估計勢頭可以持續並可抵銷下行風險有餘,而騰訊亦應可應對相關挑戰。該行將公司2020-22年淨利預測升2-4%,目標價由511元升至559元,認為催化劑包括是《地下城與勇士》手遊推出、支付業務盈利能力復甦等。

該行指出公司在內地的遊戲產品線十分強勁,雖然《地下城與勇士》的推出日期稍延至夏季,但公司亦將在6月中前推出《Chess Rush》、《一人之下》(The Outcast)及《荒野亂鬥》(Brawl Stars),管理層料隨著復工,遊戲內消費將回復正常,雖然《王者榮耀》及《和平精英》用戶表現在4月有所下滑,但兩個遊戲日活躍用戶仍分別達7,500萬戶及6,900萬戶,分別按年增13%及4%,而用戶每日平均遊戲時長亦分別達171分鐘及135分鐘,分別按年增16%及46%,按營收計亦未見顯著放慢,兩隻遊戲在「五一」假期內仍有很好表現。

在金融科技方面,在4月的最後一週日均商業交易量已回復至2019年尾的水平,認為未來數季金融科技服務收入增長將加快,另外留意到「微粒貸」及「零錢通」過去數年規模以倍數增長,估計相關業務將成長遠的利潤增長引擎,對公司在首季收入下降的情況下仍能維持穩健利潤感驚喜。

廣告業務方面,社交廣告增長再次加速,按年升47%,是六個季度以來最高,而媒體廣告則維持弱勢。公司指出次季或有挑戰,主要因為復工後用戶使用時間將回復正常,加上國際品牌及廣告商削減廣告預算等,但該行對公司社交廣告業務維持正面看法,認為將受惠廣告商多元化等。(el/u) ~

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