《大行報告》瑞銀上調騰訊(00700.HK)目標價至360元 評級「買入」
瑞銀發表研究報告指,內地推出更多的支持性宏觀政策和穩定改善的互聯網監管立場,令騰訊(00700.HK)前景更為正面,其管理層強調,遊戲許可、保險投資和雲合資企業的批准是監管正常化的跡象。該行認為,隨著騰訊投資減少,從自由現金流提供資金帶來潛在更大回購,以及在較小程度上繼續剝離京東和美團等持股,對股票來說都是額外的利好因素。
該行指,由於騰訊推出更多遊戲並增加變現的關注,料其遊戲收入增長應會在第三季或第四季觸底,而廣告增長則在第二季觸底。該行相信,更好的宏觀前景應該會令廣告商更有信心在明年投入相關支出,然而,由於集團的核心市場相對成熟,預計整體收入增長將在2023至24年達到11%的頂峰,料其將有穩定的息稅前利潤率,而投資企業和合資企業的虧損減少應有助於在集團在未來兩年將盈利增長推高至20%。
該行將集團2023年收入預測上調0.6%,預計期內遊戲和社交廣告收入分別升1.8%和3.5%,但將主要被較低的媒體廣告和FBS所抵銷。該行又將集團目標價由330元上調至360元,維持「買入」評級。
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