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《大行報告》瑞銀升網易(09999.HK)目標價至220元 重申「買入」
瑞銀髮表研究報告指網易(09999.HK)網遊基本面穩固,面對監管風險有限,在近期市場波動下具防守力,重申「買入」,維持網遊收入預測大致不變,但下調網易有道(DAO.US)今明兩年收入預測分別13.5%及24%,反映內地K-12教育政策收緊;相應微降今明兩年盈測0.3%及1.5%。以現金流折現率計,H股目標價由206.5元升至220元,相當於2023年預測市盈率22倍,與國際網遊同業相若。

報告指在次季網易旗艦遊戲《夢幻西遊》及《陰陽師》維持健康增長。另該行不預期網遊非遊戲業務面對重大下行風險。該行料今年下半年網易手遊收入按年升37%,2022年增長放緩至18%,受惠強勁產品線。多隻新手遊料在未來數季推動增長以及估值重評。

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