《大行报告》德银上调腾讯(00700.HK)目标价至670元 手游增长前景乐观
德银发表报告指,腾讯(00700.HK)今年第三季手游收入表现按年增长61%,高於该行及市场预期,主要由於内容持续创新,带动付费用户及ARPU稳健增长,,除了现有游戏包括《王者荣耀》及《和平精英》表现强劲外,留意到新游戏包括《天涯明月刀》及《英雄联盟:激斗峡谷》亦带来了额外贡献。
该行指,对於腾讯手游持续增长看法乐观,主要因为付费比率提升及ARPU上行潜力持续,加上新游戏贡献加大,以及公司有较强的产品线,将其2020及2021财年收入预测分别降1%及升1%,经调整溢利预测则分别降3%,目标价由608元升至670元,此相当动态市盈率1.1倍,维持「买入」评级。
德银指出,腾讯第三季业绩大致符预期,整体收入及经调整溢利分别升29%及32%,当中手游业务表现维持强劲,而社交广告增长则有所放慢,而该行亦看好微信朋友圈广告库存或增,并相信腾讯会审慎平衡用户体验。
在金融科技及商业服务方面,德银称腾讯第三季相关收入低於该行预期,主要因为疫情对新签合同有影响,而线下项目推出亦有所延迟,而社交付款及微贷款方面增长温和,影响部分被商业支付及财富管理方面所抵销,虽然这方面的业务暂时面对疫情及监管收紧带来的阻碍,但相信长远基本面维持稳健,而企业数码化趋势持续亦会带来潜在上行,在财富管理业务方面渗透亦有望提升。(el/w) ~
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