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匯豐研究:升騰訊(0700.HK)目標價至433港元 評級“買入”
格隆匯 10-28 15:46
匯豐研究發表報告指,騰訊(0700.HK) 將於11月13日公佈業績,該行估計遊戲及支付業務強勁可抵銷廣告業務方面的弱勢,預計期內收入將增長25%,按非通用會計準則計算經營溢利按年增長32%,利潤率為29%,而每股盈利則為2.96元(人民幣,下同)。
該行將公司2019-21年經調整EBITDA上調2-3%,以及映支付業務盈利能力好過預期,而相關業務利潤率應達20-30%,並不低於其他同業。該行將其目標價由430港元升至433港元,意味潛在33%上行空間,維持“ 買入 ”評級。
該行指出根據Sensor Tower數據顯示,《和平精英》及《王者榮耀》第三季營收均有穩健表現,主要受惠暑假、季度通行證銷售表現等,而《王者榮耀》營收在暑假後有回落情況,《和平精英》則受惠十一黃金週,10月1日營收創單日新高達1.55億元,而兩款遊戲日活躍用户均維持穩定。
騰訊在第三季推出7款新遊戲,當中《跑跑卡丁車》及《龍族幻想》分別貢獻25億元及16億元,而《Call of Duty Mobile》於9月中全球推出,至今營收已達6.65億元。 該行認為騰訊整合於Supercell的權益後,對盈利的實際影響有限,因為Supercell於2018年僅佔騰訊收入及EBITDA約4%左右。

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