《大行報告》中銀國際料內地串流直播市場今年將觸底 調整目標價 首選快手-W(01024.HK)
中銀國際發表報告,預期內地串流直播市場今年將觸底,明年開始反彈。在上市串流平台中,該行列出喜好次序,首選快手-W(01024.HK)、隨後依次為嗶哩嗶哩-SW(09626.HK)、騰訊音樂(TME.US)、摯文集團(MOMO.US),虎牙(HUYA.US)及鬥魚(DOYU.US)則並列榜尾。報告稱,考慮快手具緊密結合生態圈、以及有綜合網絡基建支持變現及改善效率,以達至收支平衡,列其為行業首選。
報告稱,喜好嗶哩嗶哩有穩固用戶增長,變現潛力及營運效率改善。該行亦予騰訊音樂及摯文集團「持有」評級,因面對短期收入及用戶壓力,同時它們的盈利能力本質及摯文的派息政策提供緩衝。該行另予虎牙及鬥魚「持有」評級,源於其仍面對虧損,在現時市況下具脆弱性,並對兩企的短期估值相對悲觀,因面對特定公司風險,虎牙面對毛利率惡化,鬥魚則面對收入及用戶估算疲弱。詳細投資評級及目標價表列如下:
股份|投資評級|目標價
快手-W(01024.HK)|買入|120.9→108.11港元
嗶哩嗶哩-SW(09626.HK)|買入|237.49港元
騰訊音樂(TME.US)|持有|8.23→4.69美元
摯文集團(MOMO.US)|持有|11.52→5.07美元
虎牙(HUYA.US)|持有|9.32→3.34美元
鬥魚(DOYU.US)|持有|3.02→1.26美元
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