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《大行報告》大摩:騰訊(00700.HK)於美國收入有限 惟遊戲全球化增長前景存陰霾
阿思達克 08-10 09:41
大摩發表的研究報告指,騰訊(00700.HK)在美國的收入有限,但隨著中美關係升溫,或會為公司在美國的投資及遊戲全球化的增長前景帶來陰霾,予目標價500元,評級「增持」。

美國總統特朗普簽行政命令禁止與WeChat交易,相信對WeChat的影響可控,因為海外用戶基礎不大,變現亦有限。該行估算騰訊在美國市場的直接收入佔約2%,主要是遊戲收入,當中包括PUBG Mobile、英雄聯盟等,而對盈利的影響亦與收入一致。該行認為手遊方面風險較低,因為當中涉及的個人資料較易滿足當地監管要求,而影片串流、訊息及社交媒體等則涉及更多內容,而白宮官員亦澄清禁令只禁止與WeChat相關的交易,不涉及騰訊其他應用。

不過,該行認為騰訊面臨的下行風險是公司有更多業務或投資被禁,但另一方面最近中國檢准的遊戲名單中包括Call of Duty Mobile,相信有助減輕部分針對遊戲的憂慮。(el/k)

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