《大行報告》瑞信:騰訊(00700.HK)上季毛利率略高於預期 分派美團(03690.HK)進一步釋放價值
瑞信發表研究報告指,騰訊(00700.HK)第三季收入按年跌1.6%,符合市場預期,經調整純利則增長約2% ,勝過市場及瑞信預期,主要是由於在組合調整及業務優化策略下,毛利率略高於預期,營銷成本亦有所下降。
按業務劃分,由於受到國內市況拖累(沒有推出大型新遊戲產品),手遊收入按年跌4%,符合預期。受微信廣告復甦和視頻賬戶增加所推動,網絡廣告收入下跌5%,超出預期。報告指,國內遊戲在新產品發布及疲軟的宏觀環境下可見度較低,短期內仍面臨挑戰,公司對遊戲版號發放看法依然正面。另外廣告業務第四季收入或轉正,同時憧憬視頻號將帶來10億元人民幣收入。
騰訊宣布實物派發美團(03690.HK)股份作為股息,瑞信認為將是繼續釋放投資價值的積極舉措,預期未來監管環境將趨於常態化,將騰訊2022至2024年利潤預測上調1%至4%。表示看到更多獨特的驅動因素,包括剝離業務、流量變現及遊戲監管前景改善等,維持「跑贏大市」評級,目標價441元。
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