《大行報告》大摩上調閱文(00772.HK)目標價至45元 評級「與大市同步」
大摩發表研究報告指,閱文(00772.HK)股價自4月27日上升超過40%,主因管理層的轉變,以及騰訊(00700.HK)探索免費閱讀模式。大摩信策略合適,目標價由33元升至45元,但由於上行空間有限,維持「與大市同步」評級。
該行指,公司用戶已經超過2億,市場佔比逾50%,但付費用戶不足1,000萬人(付費率約4.5%),認為原因與其單一收費模式有關,目前公司文學作品收費為每1,000字0.05元人民幣,而按平均一部作品700萬字計算,收費較昂費,在騰訊免費模式下,相信有助公司用戶增長。
該行又預期閱文旗下新麗傳媒市場份額會繼續增長,而且與騰訊的協同效應會持續加強,包括降低風險和現金壓力。
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