《大行報告》美銀證券降騰訊(00700.HK)每股盈測 料上季經調整淨利潤增逾三成達390億人幣
美銀發表報告,下調對騰訊(00700.HK)去年第四季收入預測,由1,590億元人民幣降至1,540億元人民幣,即按年升6%。主要基於該行削減對遊戲收入增長預測,由按年升6%降至零。該行相信季度遊戲收益受高基數及新遊戲貢獻有限影響,短期催化劑包括《元夢之星》及在新春高峰期推出潛在新遊戲,以及中國對遊戲規管最終定案。
該行預期騰訊廣告業務及金融科技與企業服務維持良好動力,季度收入料分別按年增長18%及14%。由於公司轉向高質素增長模式,該行視毛利率對比收入而言為更重要的業務指標。該行亦維持預測騰訊季度毛利率按年升6個百分點至49%,毛利按年升22%。經調整淨利率料維持按年增長逾三成至390億元人民幣。
每股盈利預測方面,該行料騰訊2023年及2024年每股盈利為12.54及15.71元人民幣,低於早前預測的12.89及16.05元人民幣。該行維持對騰訊「買入」評級及472元目標價。
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