大行評級丨大摩:騰訊爲首選股,上調目標價13%至630港元
摩根士丹利表示,騰訊控股(0700.HK)料可受惠人工智能(AI)投資帶來的回報,加上可持續廣告收入增長、企業(2B)客戶需求以及消費者市場(2C)客戶端應用變現,並致力於資本回報和利潤率提升等,爲其首選股份,將目標價由555港元,上調13.5%或75港元,至630港元,重申“買入”評級。至於最牛情況下目標價看至790港元,最熊則見430港元。大摩預期,騰訊今年資本支出約爲940億元人民幣,佔總收入13%,與市場預期大致相同,主要用於GPU採購。另料今年企業服務收入將同比增長20%,調高今年整體收入及非國際財務準則下的營業利潤增長預測至10%及16%,經營利潤率料達38%,同比料增2個百分點。另外,管理層致力爲股東提供回報,包括計劃斥800億港元回購股份及增派股息。
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