《大行報告》麥格理下調騰訊(00700.HK)目標價至415元 評級「跑贏大市」
麥格理發表研究報告,認為騰訊(00700.HK)最有可能從明年的廣告、遊戲及金融科技行業復甦中受惠,看好企業數字化轉型可成為公司的長期增長動力。
該行預期,遊戲商業化、成本優化以及週期性廣告與金融科技復甦,將推動騰訊明年經調整每股盈利按年增長18%,對比今年預期將下跌6%。麥格理指,騰訊今年第三季經調整每股盈利在連續四個季度錄得下跌後終於恢復按年正增長,展示出成本控制措施見效,因此預測明年度經調整後淨利潤率將從今年預測的21%提升至22.6%。
對於騰訊宣布實物分派美團-W(03690.HK)股份,麥格理相信今次及未來的其他退出投資行動,都將為股價提供支撐。至於行業監管方面,該行則認為當局放寬對遊戲版號的管控,為中國遊戲行業收入明年起溫和復甦的預期帶來支持。
麥格理將騰訊2022至2024年每股盈利預測分別上調4%、0.5%及2.6%,目標價由433元下調至415元,以反映人民幣貶值及預期線上廣告業務增長放緩,評級「跑贏大市」。
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