Bank of China International to maintain the long-term purchase of Tencent rating-ca1834

Bocom international Tencent to maintain long-term buy rating hot column capital flows thousands of thousands of stocks the latest Rating Rating diagnosis simulated trading client Sina App: Live on-line blogger to tutor Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future of the way out? Sina launched the "Hong Kong Hong Kong stocks as well as unattractive" discussion, with a rational and constructive attitude, welcome attention to Hong Kong stocks, concern of the capital market, Hong Kong stocks together for suggestions, seek the Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Center for Internet research and Innovation: Director: Dr. Gu Xinyu CPA, Ma Yuan, Sun Mengqi: WeChat pay toll rate is relatively low, the related revenue is expected to continue to grow   we according to the payment made analysis of income data disclosure of Tencent, Tencent estimated payment related income increment of 2 consecutive quarters of nearly 1 billion yuan. We believe that this part of the incremental one hand from the individual user WeChat wallet cash income, on the other hand, mainly from WeChat to pay online, as well as the rapid growth of the amount of online payment transactions. Expected in 2016, Tencent will pay more than 10 billion yuan in revenue, representing an increase of 2015, accounting for about 7% of total revenue. The Tencent to pay the related revenue will be mainly from WeChat to pay for merchant service fees and personal users cash cost, after WeChat and WeChat paid envelopes, taxi drops fast layout and online promotion, users through the WeChat payment willingness to consume more and more strong, the future of merchant fees will be WeChat pay the key direction of business model. By contrast, WeChat payment service rate is still relatively low, there is still a strong attraction for the businesses at the same time, benefit from the WeChat payment has been popular, the establishment of user habits, this part of the revenue is expected to the steady growth of future. We expect the future payment of Tencent related revenue will continue to grow steadily, in 2017, 18 annual growth rate of 42% and 33%. The future of mobile payments will maintain rapid growth based on, and will continue to penetrate into the offline payment become similar to UnionPay, POS machine credit card payment method, wider coverage, more service category, at the same time, the two-dimensional code sweep mode can solve the user in the scan code risk concerns, therefore, we increase the Tencent 2016E 17E 18E revenue forecasts were 1% 5.4% 10.6%. However, due to the payment business and cloud services are still in the early stages of the construction and nurturing user stage, is expected to remain in the loss of nearly 1-2 years, adjusted 2017E 18E EPS were 1% 1.8%. Corresponding to the 2017 1.2x PEG, 31x PE, adjusted target price to HK $226 (HK $223), to maintain long-term buy rating. (both) to enter the Sina financial stocks] discussion相关的主题文章: