《大行報告》中銀國際:港滬機構投資者對科網股轉趨審慎 該行下半年偏好騰訊
中銀國際發表研究報告指出,近期與香港及上海的20家機構投資者進行討論,主要涵蓋網絡遊戲、線上廣告、直播、線上音樂、線上醫療及長視頻等領域。總而言之,鑑於目前疲弱且波動的交易情緒,投資者對科網股變得更加審慎,並積極尋找有望跑贏大市的股票,而與市場預期相比,投資者更為關注第三季及今年的基本面。
該行看好擁有穩固競爭優勢(如在用戶、內容生態系統、研發/生產能力、變現模式及技術等方面)、今年下半年或明年可持續收入/盈利驅動確定性和可見度較高、良好現金開支政策包括股息政策、回購執行力及潛在併購,以及股東結構穩定的龍頭企業。
此外,該行下半年偏好板塊為網絡遊戲及線上音樂,其次是線上廣告、線上招聘及其他。股份方面,該行下半年偏好依次為騰訊(00700.HK)、網易(09999.HK)、騰訊音樂(01698.HK)、快手(01024.HK)、BOSS直聘(BZ.US)及其他(評級及目標價見另表)。
騰訊方面,該行認為公司目前的風險回報頗具吸引力;該行維持對今年微信視頻賬戶收入約130億元人民幣的預測,另對公司今年非國際財務報告準則(Non-IFRS)淨利潤預測上調至1,470億元人民幣,毛利率預測亦上調140點子。
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