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大摩:維持騰訊(0700.HK)增持評級 料下半年增長趨正常化
格隆匯 08-13 14:19

摩根士丹利發表研究報告指,在手機遊戲推動下,騰訊(0700.HK)今年第二季收入及非國際財務報告準則的税後純利勝市場預期2%至3%。隨着疫情對集團業務的利好及不利因素均消退,預期下半年增長將會正常化,維持其增持評級,並將目標價由500港元上調至570港元。

大摩指,疫情仍利好第二季遊戲業務,季內遊戲總收入按年增長38%,主要受手遊收入按年增長62%所推動。該行預計,第3季遊戲總收入將按年增長26%,其中手遊業務按年增長40%,但由於公司自8月下旬起料發佈更多新遊戲,故料第三度銷售及推廣開支估總收入的6%,提高到6.5%。

該行續指,騰訊於7月成立一個廣告整合平台,以提高效率和可定位性,受惠於此平台及媒體廣告或逐步恢復,預計第三季線上廣告收入將按年增長17%。此外,金融科技業務收入增長將回復正常,並料第三季收入將按年增長30%,毛利率亦料穩定。

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