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《大行報告》摩通升騰訊(00700.HK)目標價至410元 指盈利進入復甦周期
阿思達克 11-17 14:26
摩根大通發表研究報告指,雖然宏觀前景仍具不確定性,但由於騰訊(00700.HK)第三季業績顯示出利潤結構有有所加強,因此將明年經調整每股盈利預測上調2%,預計明年經調整淨利潤率將按年擴張4個百分點。 該行同時憧憬視頻號的收入貢獻將令2023年盈利增長加速至30%,認為騰訊即將進入強勁的盈利增長復甦周期,現價水平具有吸引力,維持「增持」評級。 第三季騰訊線上廣告收入及毛利率均好過摩通預期,其中毛利率改善主要來自於成本優化措施及視頻號業務高利潤率的貢獻。 期內公司持續實現穩定的成本控制措施,並在積極調整經營策略,由於收入基數正常化,摩通預計第四季內地遊戲收入將按年略有改善,並將目標價由400元上調至410元,對應預測明年市盈率約25倍。
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