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《大行報告》美銀證券下調騰訊(00700.HK)目標價至473元 評級「買入」
阿思達克 05-18 09:43
美銀證券發表報告,指騰訊(00700.HK)首季收入按年增長11%至1,500億元人民幣,超出市場預期的1,460億元人民幣,當中線上遊戲收入按年增長11%,遠勝該行預測的5%增幅,國內遊戲業務在《王者榮耀》及《穿越火線》帶動下增長 6%,而國際遊戲則在新遊戲及《特戰英豪》推動下強勁增長25%。 該行認為,在宏觀經濟復甦、視頻號發展、移動廣告網絡及廣告平台技術升級的推動下,首季廣告收入按年增長 17%,符預期。45%的毛利率水平亦符預期。至於淨利潤低於市場預期,該行則認為是由於與海外子公司相關遞延稅項單次性調整的影響。 美銀引述管理層指,留意到廣告開支呈大範圍持續復甦,正加強於電商廣告的發展,重申將嚴格控制營運成本,並強調視頻號、電商直播、小程序、小遊戲等新收入來源毛利率高,且不需要額外促銷及補貼,對公司前景看法正面,重申「買入」評級,將全年收入預測略微上調至6,380億元人民幣,意味按年增長15%,但由於稅率預期上升,今年全年淨利潤預測略微下調6%至1,330億元人民幣,目標價由496元降至473元。
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