《大行報告》大和料騰訊(00700.HK)可藉遊戲及視頻號業務實現逆周期增長 重申目標價430元
大和發表報告表示,9月24日至28日為騰訊(00700.HK)在中東地區舉行非交易路,雖然受到中國宏觀影響,令市場有所憂慮,但投資者對其戰略方向仍然基本抱持樂觀態度。該行認為,騰訊可能會透過其線上遊戲和視訊帳戶達到逆週期增長,預計集團2023至25年的每股盈利複合年增率為19%,並相信風險回報有利於投資者。
該行表示,騰訊旗下小遊戲引起投資者的興趣,考慮到公司不斷引入新的遊戲玩家,相信這將會是公司的另一個可持續增長來源。騰訊旗下視頻帳戶策略和變現進展亦是投資者重點關注的領域。考慮到今年次季視頻帳戶的季度廣告收入超過30億人民幣,及快速消費品和電子商務廣告的復甦,該行預計今年第三季線上廣告收入按年增24%。
從監管角度來看,該行認為中國政府對其視頻帳號採取的保護措施的影響有限,因為目前用戶在視訊帳號上花費的時間低於40分鐘的門檻。該行又相信,集團的大型語言模型用途廣泛,將為其提供巨大機遇。
大和指,在降低騰訊金融科技支付量預測後,下調公司2024至2025年的收入預測1至2%,惟視頻賬戶廣告收入預期運行率提高,部分抵銷了這個影響。該行重申騰訊「買入」評級及目標價430元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.