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《大行報告》大和下調騰訊(00700.HK)目標價至820元 評級「買入」
阿思達克 07-19 10:16
大和發表的研究報告指,對騰訊控股(00700.HK)來說,監管風險仍然是行業及公司面對的最大風險因素,相信公司希望進一步開放微信生態系統、遊戲業務服從法規、審慎處理消費者數據及透過創造業務價值等,幫助緩和監管對其金融業務及核心能力帶來的潛在影響。該行將公司2021-23年經調整盈利預測降0.6至2.5%,重申「買入」評級,目標價由850元降至820元。

大和相信近期針對數據安全的監管收緊,或會令騰訊之類擁大量消費者數據的企業面臨風險,不過留意到騰訊風險有限,主要因爲公司一向審慎處理消費者數據,相信過往騰訊亦無使用相關數據作定向廣告,而近期政府批準搜狗的交易對公司亦屬正面,因爲搜狗有強勁的搜尋能力,而騰訊則具龐大流量,兩者有協同效應,儘管虎牙及鬥魚合併被拒,但相信騰訊仍可與兩家公司繼續進行遊戲直播。

該行估計公司次季手遊收入將按年增17%,而在遊戲產品線方面,《真·三國無雙》計劃於8月推出,《Pokemon Unite》將於9月可下載,儘管《地下城與勇士》手遊版推出手期仍存在不確定性,但該行料屆時推出遊戲亦將獲好反應,同時《英雄聯盟》手遊在海外市場的營收表現亦穩定。

而在線上廣告方面,該行料次季收入將按年升25%,其中社交廣告收入升27%。至於針對蘋果的IDFA措施,該行相信對公司廣告網絡影響可控,主要因爲蘋果僅佔公司整體流量的一部分,加上規則4月才推出,全面影響將視乎有多少用戶選擇相關保障。(el/k) ~

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