《大行報告》招銀國際上調騰訊(00700.HK)目標價至450元 料上季業績符預期
招銀國際發表報告指出,預期騰訊(00700.HK)去年第四季業績將大致符合預期,料總收入按年跌1%至1,424億元人民幣,而去年第三季按年跌2%;但估計其非國際財務報告準則下盈利按年增長21%至302億元人民幣,對比去年第三季按年增長2%,主要由於營運效率改善及基數低。
該行預期,騰訊上季遊戲業務受壓,料國內及國際遊戲收入按年各跌5%及7%,但估計線上遊戲業務將於今年溫和復甦。另預料視頻號廣告變現帶來超過10億元人民幣的收入貢獻,季內廣告收入按年增長4%。金融科技和企業服務收入方面,料按年持平,惟隨著線下活動和消費恢復,以及企業服務改善提高其質量長期增長潛力,估計有關業務均會在今年逐步復甦。
此外,招銀國際對騰訊去年及去年第四季總收入預測各下調1%及3%,但對今明財年收入復甦保持正面看法,主要由於消費復甦應有利公司消費互聯網業務、視頻號變現的增量貢獻,與優質遊戲管道。
招銀國際提高騰訊非國際財務報告準則下今明財年的淨利潤預測1%及2%,至按年增長16%及14%,以反映高毛利的遊戲及廣告業務前景改善,相信利好騰訊期內毛利率。該行對騰訊目標價由381.6元上調至450元,維持「買入」評級。
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