《大行報告》野村:騰訊(00700.HK)整合搜狗可達雙贏 維持目標價531元
野村發表研究報告,指騰訊(00700.HK)收購搜狗一事,估算以每股9美元計,總涉資21億美元,相等於搜狗此前收市價溢價57%,並以全現金交易。
該行指,搜狗主席兼其控股公司行政總裁張川已同意有關交易,並出售其搜狗的持股予騰訊。而有關舉動相信可有助交易完成,同時57%的溢價亦對股東有吸引力。
野村表示,交易有助騰訊加強其搜索業務的佔有率,目前微信已成為中國智能手機用戶獲取資訊的主要渠道,有數以千萬計的第三方內容供應商開設公眾號,相信未來用戶對具高質素的搜索服務需求會增加。而過去數年,搜狗亦致力與微信合作,故相信有關交易可以是雙贏的狀況。
該行表示,交易對騰訊的財務影響有限,假設將搜狗今年全年的業績合併了報表,相估有助提升今明兩年收入分別2%及1%,而非通用標準會計準備計的純利,提升0.1%及0.5%,同時帶來協同效應,重申「買入」評級,目標價維持531元。
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