《大行報告》大摩下調網易(NTES.US)目標價至95美元 評級「增持」
摩根士丹利發表研究報告,指出在內地網遊股中,網易(NTES.US)仍為該行首選,其估值跌至七年低位,現相當於預測2022及2023財年市盈率分別約15倍及14倍(撇除現金核心市盈率約10倍),加上30億美元回購計劃,自由現金流收益率料達7%,股息率料達2%。此外,今年下半年的遊戲收入增長放緩主要由於去年的高基數,並已在股價反映。該行料公司遊戲收入增長將於明年上半年加速,主要受哈利波特系列(日本為最重要市場)所推動,以及可能獲得其他遊戲版號等。
該行預期,網易第三季總收入245億元人民幣,按年增長11%,受遊戲收入按年增長11%至177億元人民幣及非通用會計準則下經營溢利按年增長23%至55億元人民幣所推動。為反映人民幣兌美元匯率變動,美股目標價由110美元下調至95美元,相當於預測2023財年市盈率20倍,評級「增持」。
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