《大行報告》花旗上調騰訊(00700.HK)目標價至433元 料上季非通用會計準則多賺27.3%
花旗發表的研究報告指,騰訊(00700.HK)將於11月13日收市後公布第三季業績,預期受惠《和平精英》及《跑跑卡丁車》帶動,期內手遊收入強勁,而撇除視頻方面的線上廣告收入則維持疲弱並面對較強的比較。該行預期金融科技及商業服務收入則按年增長34-36%左右,總體而言第三季整體收入將按年增長18.5%,料較市場預期低4%左右。
計及Supercell將自今年11月開始整合,以及計算來自《Call of Duty Mobile》方面的收入貢獻,調整2019-21年盈測0%、0.9%及0.3%,目標價由429元升至433元,維持「買入」評級,並對管理層的執行能力感正面,相信有能力帶領公司度過艱難。
該行估計公司第三季收入將按年增18.5%至955億元人民幣(下同),而按非通用會計準則計算純利按年升27.3%至250億元,而市場預期兩者分別為994億元及245億元。該行將手遊收入預測上調了1.7%,但就將媒體廣告收入預測下調12%,認為未來仍要關注針對內容方面的監管,以及廣告氣氛復甦情況,此外亦可留意公司遊戲的產品線及金融科技方面的增長機遇。
第四季方面,該行保守估計Supercell將貢獻20.7億元收入,而《Call of Duty Mobile》則可帶來額外1.82億元淨收入,惟該行進一步將媒體廣告收入預測下調12%至44.8億元,意味將按年跌13.6%,以反映視頻方面品牌廣告的弱勢。
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