《大行報告》摩通料騰訊(00700.HK)不會受「抖音」母企進軍內地網遊威脅 可待低吸納
摩根大通發表報告表示,近日與騰訊(00700.HK)管理層進行視像投資者會議,該行對公司中長期潛在增長看法更為正面,線上渠道為品牌及體系貢獻更強勁價值、藉創新性產品為金融科技務發展提供充足動力、廣告基建業務經重組後基本面持續改善。
該行稱,騰訊近月股價累升4%,大致符合MSCI中國指數表現,但跑輸大型內地互聯網同業表現如阿里巴巴(09988.HK)、網易、京東、美團點評(03690.HK)及百度等,該行認為騰訊股價跑輸原因,第一是騰訊管理層經過今年首季受惠疫情下明顯提升流量後,對短期業務流量語調轉趨審慎、第二是市場認為騰訊短期缺乏催化劑。
但摩通指出,騰訊在首季業績發佈會上表示,將推一系列新遊戲下,相信可成公司今年餘下時間收入及盈利的上升動力,在暑假前將推出手遊版《地下城與勇士》、《Valorant》及《荒野亂鬥》等,指騰訊已進入自2008年以來最強勁的遊戲業務周期,而該行建議投資者對騰訊可待低吸納。
就市場關注「抖音」母企字節跳動正計劃進入中國網遊市場,摩通認為目前不會對騰訊構成新的競爭,指字節跳動過去在海外市場推出7隻手遊,但未算取得成功,並見字節跳動海外網遊並無對騰訊海外網遊業務構成影響。
該行表示,重申對騰訊「增持」評級及目標價550元,雖然新冠疫情對公司首季的一次性正面影響,或將在第二季消退,如用家流量及使用時間,但基於騰訊旗下網遊在今年下半年將進入超級產品周期、相信較高毛利(如手遊、社交平台廣告等)業務續抵銷低毛利業務(社交網站、媒體廣告、支付及雲業務)表現,並認為公司未來數季可迎來收入正面因素。
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