《大行報告》麥格理上調騰訊(00700.HK)目標價至610元 評級「跑贏大市」
麥格理發表的研究報告指,儘管國際地緣政治局勢升溫,但仍看好內地互聯網行業的國際增長,特別是當地化的生產及投資策略,該行認為騰訊(00700.HK)定位強勁,可吸納國際市場份額,將公司目標價升19%至610元,評級「跑贏大市」;網易美股(NTES.US)的目標價亦升26%至471美元。
該行指出雖然互聯網行業受地緣政治因素影響,面對不同的監管等,但相信互聯網公司國際化增長前景仍然充滿生氣,特別是一些採取當地化擴張的企業。該行留意到騰訊、網易、B站及字節跳動等均在努力國際化擴張,當中騰訊近年的接觸面及投資不斷擴闊,不單在手遊,而是在遊戲主機及PC遊戲等均有涉足,相信公司定位理想,可捕捉多元投資的機遇。
該行指出現時騰訊及網易在中國網上遊戲市場份額分別為58%及17%,而在全球範疇,騰訊市佔約為16%,而網易市佔率為5%。該行的基本估算到2024年,騰訊全球市佔可升至21%,而網易則會升至6%,屆時兩家公司線上遊戲收入中將有四分一是來自海外市場。假如發展進程加快,騰訊的市佔可增至31%,屆時海外收入佔比則會升至48%。而騰訊及網易的管理層之前提出希望海外市場遊戲收入佔比可分別提升至50%及30%。(el/u) ~
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