《大行報告》大摩料騰訊(00700.HK)上季收入按年轉升1% 評級「增持」
摩根士丹利發表報告,預計騰訊(00700.HK)去年第四季收入將按年增長1%,主要受惠於國際遊戲增長的復甦和視頻號的強勁放量。該行認為騰訊今年有多個收入增長催化劑,其中主要IP連續獲得遊戲授權是關鍵亮點之一。維持「增持」評級,目標價420元。
大摩預計,騰訊上季遊戲總收入將按年下降2%,其中內地遊戲收入年下降5%,但被國際遊戲收入按年增長3%部分抵銷。在線廣告收入料將按年增長8%,是去年來首次實現按年正增長,受惠於雙11期間視頻號變現速度快過預期和電商的強勁需求。至於上季金融科技和商業服務(FBS)收入增長料面臨壓力,按年增幅3%,主要是因為12月疫情影響線下活動。
報告指,該行預計騰訊Non-GAAP營業利潤增長勢頭將延續,估計上季Non-GAAP營業利潤為381億元人民幣,按年增長15%。
該行維持對騰訊2022至2024年的收入預測基本不變,但將今年的非美國通用會計準則營業利潤預測提高1%,以反映視頻號和雲計算擴張帶來的利潤改善。而公司自年初以來一直在進行日常股票回購,亦為股價提供一些支持。
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