《大行報告》野村下調騰訊(00700.HK)目標價至400元 維持「買入」評級
野村發表報告,預計騰訊(00700.HK)上季收入減少,但盈利增加,維持「買入」評級,目標價由445元下調至400元,此按綜合方式作估值,相當於預測今年市盈率20倍(此前予24倍),指目前股價相當於預測市盈率13.5倍。
該行預計,騰訊上季收入按年增長8%,至1,562億元人民幣。非美國通用會計準則每股盈利將按年穩健增長52%。混合毛利率料將按年上升7個百分點至49.7%。整體毛利率可能會繼續改善,原因是產品組合向高毛利收入流,包括增值廣告和小遊戲等。
該行指,騰訊需要一個強大的電商市場來推動視頻賬戶廣告的可持續增長。據騰訊透露,去年視頻賬戶的電商的商品成交額增加三倍,其中品牌直營店的商品成交額佔15%,按年增226%。品牌直營店的數量在去年增加8.6倍。該行指,蓬勃發展的電商業務不僅能帶來可觀的廣告收入和賣家佣金,還能為內容創作者提供更多通過為賣家提供營銷服務賺錢的機會。
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