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法巴:腾讯(0700.HK)价值被低估 合理值上调至597港元
格隆汇 07-02 12:43

法巴发表的研究报告指,将腾讯(0700.HK)游戏销售预测上调后,其合理估值升30%至597港元,主要因为5月份《王者荣耀》表现好过预期,加上公司提供了两款热门PC游戏包括《地下城与勇士》及《英雄联盟》手游版的资讯,另外《荒野乱斗》及《Call of Duty: Mobile》表现亦强劲,认为腾讯价值被低估。

该行将公司2020年线上游戏销售增长预测由原先的13%升至23%,2021年该行预计线上游戏销售增长则为18%,高于原先预测的13%,主要因为《地下城与勇士》及《英雄联盟》手游版将有全年的贡献,虽然这些游戏的手游版或会与PC版竞争,但认为有助增加游戏时长及变现,并带动销售增长。该行估计2020及21年的销售增长将分别为25%及24%,并将2020及21年的利润率预测由43.1%及42%升至45.4%及44.2%,主要因为高利润游戏、社交及其他广告贡献增加。该行估计《地下城与勇士》及《英雄联盟》手游版将可带动未来10年的游戏收入,但就未调整2021年以后的游戏收入增长预测。

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