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《大行報告》花旗:騰訊(00700.HK)通過整合搜狗增強搜索能力 並增廣告收入機會
阿思達克 07-28 09:45
花旗發表報告表示,在昨晚接近美股開市時,搜狗宣布接獲騰訊(00700.HK)發出的初步非約束性收購提議,騰訊擬以每ADS的9美元現金價格,收購其尚未持有的搜狗所有普通股,較上周五收市價有約56.5%的溢價。

該行指,交易完成後,搜狗將從美國市場退市,並成為騰訊的間接全資子公司。最新的文件顯示,騰訊擁有搜狗1.52億股B股,相當於39.2%股權及52.3%的投票股。而搜狗則持有371.7萬股A股及1.27億股B股,相當於33.8%的股權及44.1%投票權。假如騰訊以每股9美元價格收購剩下的60.8%股權,料將需要大約21億美元。

該行指,由於現時雙方已有緊密的業務合作,因此對騰訊提出的私有化提議並不完全感到驚訝,尤其是搜狗的股價一直處於令人失望的水平。該行認為此提議來得合時,而收購價慷慨及大體。在業務基礎上,該行認為整合搜狗後,騰訊可以完全將其搜索引擎完全整合到旗下產品及生態系統中,從而更好地利用搜狗的技術來增強騰訊的索能力及增加廣告收入的機會。

花旗相信,隨著小程序的生態系統正逐漸成為主流的基礎建設,以連繫應用程式及非應用程式用戶,擁有一個強大的搜索技術可以有助改善用戶的搜索體驗,並增強小程序日後的變現機會。另外,這亦有助騰訊抵禦市場競爭加劇。該行維持對騰訊「買入」評級及目標價649元。

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