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摩通降腾讯(0700.HK)目标价至460港元评级“增持”
格隆汇 07-29 13:40

摩通发表的报告指,腾讯(00700.HK)将于8月14日收市后公布次季业绩,该行相信游戏业务基本面将在次季及今年余下时间维持健康,主要因为有数个成功的游戏推出,当中包括次季推出的《和平精英》以及7月推出的《跑跑卡丁车》和《龙族幻想》,虽然游戏的强势未必可于短期完全反映在收入上,但亦料可令下半年游戏业务表现更稳健且具可见性。

摩通估计,次季手游收入将按年增长25%,续看好今年手游表现,认为《和平精英》收入有机会分9-12个月分能体现,而在次季中途推出相关游戏,意味虽然6月份现金收入差不多,但其入帐收入比例上将较《王者荣耀》少。该行强调不对次季游戏收入有太大担忧,认为来自首季的滞後收入仍强劲,此外成功於次季推出新游戏反映下半年游戏业务更具上行空间,料次季及2019年全年手游收入将分别增25%及27%。

该行估计期内媒体广告收入将呈弱势,而且较难判断何时开始复苏,将今年次季及全年媒体广告收入预测分别下调8%及14%,现时估计次季及今年全年广告收入仅按年增19%及22%。

摩通估计次季按季非通用会计准则计算,腾讯每股盈利将为2.5元人民币,较市场预期高6%,另外该行亦料期内公司收入按年升24%至910亿元人民币,较市场预期低3%,将目标价由470港元降至460港元,评级“增持”

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