《大行報告》摩通降網易-S(09999.HK)目標價至115元 評級「中性」
摩通發表報告,指網易-S(09999.HK)過去三個月股價累跌約20%,與MSCI中國指數同期跌約21%表現相若,主要由於估值向下重評,該行認為現時市場對其預測尚未反映手遊市場在行業或公司層面的逆風。因此,該行料市場對其今年第三、四季收入預測,以至明年預測都有向下修訂空間。該行認為網易估值已變得更吸引,但維持「中性」評級,因未來六個月在供應限制及需求疲弱下該行對遊戲市場展望審慎,以及未來六個月不預期有重大熱門遊戲推出以重新加快收入增長。同時將其H股目標價由140港元下調至115港元。
報告預料網易第三季收入達240億元人民幣(下同),按年增8%、按季增4%,較市場預測低出3%,線上遊戲收入按年增9%至173億元,較市場預測低出4%,而個人電腦遊戲收入料按年15%至57億元。
摩通表示,由於最近《永劫無間》於Steam遊戲平台恢復其流量,故留意到個人電腦遊戲收入呈上行空間,同時網易預料手機遊戲收入按年增6%至117億元,主要是來自於新遊戲《暗黑破壞神 永生不朽》 (Diablo Immortal)收入貢獻及上半年遞延收入,以及預料經調整淨利潤按年增35%至52億元。
該行預料網易第四季線上遊戲收入按年增3%至180億元,較市場預測低出6%。
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