《大行報告》花旗上調騰訊(00700.HK)目標價至649元 料次季收入升近24%
花旗發表研究報告,指出騰訊(00700.HK)將於8月12日收市後公布第二季業績,預期第二季仍會有穩健的表現,收入料錄1,100億元人民幣,按年升23.9%;非通用會計準則計算下的純利錄271.3億元人民幣(按年升24.6%)、料第二季純利升120.2%至222.7億人民幣。然而一些在第一季受惠於封城政策的因素,料將會在騰訊第二季迎上一系列不利因素,例如線上遊戲及社交廣告收入。
另外,該行指騰訊旗下視頻廣告仍面臨廣告商審慎的預算所影響,而雲端業務的實施項目恢復進度緩慢,而虎牙的財務整合及支付業務的一系列的改善部分抵銷了相關影響。
展望今年下半年及2021年,該行認為騰訊的增長軌跡可能來自遊戲發行,例如《DNF Mobile》、《劍網2》、《龍之谷2》、《荒野亂鬥》、《王者榮耀》等,帶動收入增加。該行對公司將提高在社交及廣告預算的份額有信心。雲轉移及非支付金融科技產品需求增長的結構性轉變,或能強化公司的中長期生態系統。
該行將騰訊目標價由原來的530元上調至649元,此相當預測2022年市盈率28倍,維持「買入」投資評級。
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