《大行報告》高盛微升騰訊(00700.HK)目標價至443元 評級「買入」
高盛發表研究指出,騰訊(00700.HK)首季經營溢利超預期,同時收入恢復按年雙位數增長;經調整經營溢利按年增長32%,高過該行預期的25%;經調整經營利潤率按年增長5.3個百分點至32.3%,為2020年第二季以來新高。
該行引述騰訊管理層預期,今年公司盈利能力及毛利率將按年持續改善;傳統遊戲與管道的遊戲收入復甦可見度提高,國際市場份額增長;廣告收入持續加速等。長遠而言,騰訊管理層認為騰訊的基礎模型進展順利。
高盛維持對騰訊「買入」評級,目標價由442元微升至443元,對其2023至2025年總收入預測大致不變,基於嚴格的成本控制,對公司純利預測上調1%至2%。該行料騰訊今年純利增長將超越收入增長,原因是有利的收入組合、利潤增長業務的收入貢獻增加、更好的營運槓桿,以及自去年下半年以來實施的成本控制措施帶來的持久效益。
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