大行評級|摩根大通:維持騰訊“增持”評級 對長期盈利增長可持續性持更積極看法
摩根大通發表報吿,稱對騰訊的長期盈利增長可持續性持更積極的看法,雖然短期盈利前景變化不大,但認為廣吿將持續成為中期增長推動力,因騰訊擁有大量未被變現的廣吿庫存以及廣吿技術持續有所改進。從長遠來看,認為電子商務可能成為關鍵增長動力,因騰訊擁有龐大的用户基礎、消費者使用時間較高以及能夠掌控國內社交板圖。
該行預計,騰訊毛利擴張將是具結構性兼且持久,估計在未來三至五年內每股盈利將保持雙位數增長。因此,維持騰訊“增持”評級,目標價520港元。摩通預計,騰訊遊戲業務收入在第四季應保持強勁增長,預計按年增幅將進一步加快至18%,主要受惠於《三角洲行動》將錄得完整一個季度的收入貢獻等。另外,中期騰訊廣吿收入應保持穩步增長,電子商務將可提供長期的增長潛力。
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