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《大行報告》花旗料騰訊(00700.HK)短期股價將受壓 締造買入機會
阿思達克 08-10 10:42
花旗發表的研究報告指,8月6日白宮公布總統特朗普簽署的行政命令,特別指出WeChat自動獲取了用戶的資訊,而數據所得對美國帶來威脅,意味自9月20日起任何與WeChat相關的交易將被禁,行政禁令亦禁止任何美國國民或企業與TikTok、WeChat及其持有人交易,但據《洛杉磯時報》報道,白宮官員澄清禁令不包括騰訊(00700.HK)旗下遊戲。該行認為公司股價短期或受壓,但考慮到旗下遊戲產品線強勁,加上金融科技及雲業務增長有機遇,認為騰訊基本面強勁,股價弱勢帶來了購入機會,重申「買入」評級並為其首選,目標價649元。

該行指出,雖然WeChat去年全球月活躍用戶排名第四,但公司在美國的受歡迎程度不及在中國,截至8月5日WeChat在美國的安桌排行榜中僅排第62位,而在iPhone免費應用中僅排第1,485位。而在遊戲方面,7月份與騰訊相關的遊戲包括是Candy Crush Saga、PUBG Mobile及Clash of Clains等分別在美國遊戲榜排行第二、第九及第十位。在投資方面,由於公司早前已有巨額投資於遊戲及娛樂板塊,潛在投資對象及附屬將受到影響。

該行認為假如行政命令僅涉及WeChat,相信對騰訊的財務影響很小,估計12億月活躍用戶中僅2億至3億戶為海外用戶,當中有20%至25%或在美國,而大部分WeChat用戶為中國學生及移民,並透過WeChat與親友通訊,很少涉及商務需求,估計美國廣告業務對騰訊財務影響亦很細。

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