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《大行報告》美銀證券上調騰訊(00700.HK)目標價至472元 上季業績勝預期
阿思達克 11-16 09:49
美銀證券發表報告指出,騰訊(00700.HK)繼第二季盈利勝預期後,第三季非國際財務報告準則(non-IFRS)純利按年增長39%至450億元人民幣,再次高過市場預期400億元人民幣。期內銷售及管理費用僅按年增長2%。毛利率按季及按年擴大至49%,高過預期的47%,主要由於收入結構轉向更高毛利收入來源,以及所有業務線的毛利率均有所改善。公司管理層相信毛利率有進一步提升的空間。 該行認為,騰訊轉型為高質量增長模式,其中新收入來源如視頻賬戶廣告、視頻賬戶電商費用、小遊戲平台費用的毛利高;縮減了低質量的收入來源如娛樂直播;提高營運效率並維持精實成本結構。此外,公司重申對股東回報的關注,並認為由於目前股市疲弱,股票回購是比其他方式更有利的手段。 基於騰訊對宏觀經濟的韌性、廣告市場份額增長、盈利能力擴張以及微信服務變現的原因,該行重申對其「買入」評級。相對於收入增長,該行預期公司將更為關注於盈利增長,因此對公司第四季收入增長預測降至1,590億元人民幣,按年增長由12%下調至10%,但對non-IFRS純利預測由380億元人民幣上調至400億元人民幣,按年增長34%。鑑於騰訊盈利前景良好,對其目標價由450元上調至472元。
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