《大行報告》摩通料騰訊(00700.HK)季績大致符預期 管理層對遊戲前景評論爲市場情緒關鍵
摩通發表報告,預期騰訊(00700.HK)去年第四季季績大致符合市場預期,該行的收入預測較市場預期低1%,經調整每股盈利預測亦較市場預期低2%。雖然業績符合預期似乎不足以推動股價上升,但管理層對遊戲監管環境和今年遊戲渠道的評論爲市場情緒關鍵,可能會成爲股價催化劑。
此外,該行認爲騰訊季內可持續及有利的收入組合,令毛利有結構性改善。另預期季內遊戲收入增長將由去年第三季的7%放緩至2%,原因包括《元夢之星》較遲推出(去年12月15日),意味着對第四季的收入貢獻不多;2022年第四季的遊戲收入因國際遊戲營運情況而基數較高。
該行提及,由於《元夢之星》本質上是一款日活躍用戶數(DAU)高但每名用戶平均收入(ARPU)較低的遊戲,隨着騰訊加大銷售和行銷力度以推動用戶增長,料營運開支將持續增加,預期《元夢之星》將成爲騰訊遊戲產品組合中另一款長青遊戲,今年帶來可觀的收入貢獻。
該行預期,騰訊網絡廣告收入增長將由去年第三季的20%,放緩至第四季的15%。對公司目標價爲440元,評級「增持」,認爲其股價過去三個月已累跌4%,現價相當於今年預測市盈率14倍,目前估值具吸引力。
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.