《大行报告》大和料腾讯(00700.HK)强劲管道可推动网游下半年收入势头 重申目标价620元
大和发表研究报告,指出腾讯(00700.HK)在投资者会议中强化了该行的观点,即公司的智能手机游戏及社交广告收入增长势头,似乎会在今年下半年维持稳健,相信旗下的《地下城与勇士》手游有机会在短期内发行。该行指出,虽然没有新的游戏推出,但腾讯第二季智能手机收入按年增长62%,意味《王者荣耀》和《和平精英》等现有游戏的表现具弹性,预期下半年智能手机游戏收入按年增35%。
该行又指,移动广告网络收入为腾讯第二季社交广告收入的主要贡献,预期社交广告收入在下半年按年增长27%,由於疲弱的宏观经济及疫情抑压了品牌广告需求,促使媒体广告客户更关注投资回报率,估计腾讯下半年的媒体广告收入将继续面对压力。另外,由於字节跳动海外业务受挫,令其计划增加在中国的支出,或会令中国品牌广告业务的竞争格局加剧。基於去年第三季的低基数效应,预期第三季媒体广告收入收入按年增长2%。该行重申腾讯「买入」投资评级,维持12个月目标价为620元。
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