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《大行報告》瑞銀:美國針對騰訊(00700.HK)遊戲業務短期影響有限
阿思達克 09-21 10:32
瑞銀發表的研究報告,引述外電指美國外國投資委員會已向遊戲公司發信查詢他們處理美國用戶數據的守則,認為將為騰訊(00700.HK)帶來壓力,因為美國總統特朗普的行政命令亦有針對WeChat在美經營。騰訊早前指美國收入佔比僅2%左右,但監管因素持續為投資者帶來憂慮,相信針對騰訊方面的投資情緒在美國大選後將有改善,而《地下城與勇者》及《英雄聯盟》手遊版推出亦料有幫助。該行相信重點將在於美國會否禁止美國企業與騰訊在海外的合作,倘落實將為股份帶來下行。

該行估計現時美國正研究公司在處理美國用戶私隱方面的問題,而針對WeChat的行政命令與TikTok的十分類似,認為情況與美國針對華為有所不同,意味針對騰訊的政策主要在於美國用戶方面,假如其他國家亦有類似的政策針對騰訊,或會增加風險,但該行認為存在協商空間。

該行估計騰訊的美國手遊收入佔比少於一成,而來自Riot及Epic的收入則佔高單位數百分比,騰訊在美國的主要投資都在遊戲及社交領域。該行維持對公司「買入」評級,目標價650元,相信公司增長可見性、同業競爭定位及利潤擴張等均有改善。

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