《大行報告》摩通:騰訊音樂(TME.US)上季成本結構優化令盈利高於預期 社交娛樂MAU令人失望
摩根大通發表研究報告指,騰訊音樂-SW(01698.HK)(TME.US)第三季盈利勝預期,受惠線上音樂付費用戶量增長勝預期及成本結構優化,預期市場可能會上調未來利潤預測,同時相信股價將有正面反應。
期內公司收入達74億元人民幣,分別較該行及市場預期高出5%及4%,主要是受到線上音樂付費用戶增長好過預期的推動。內容成本控制措施見效,令毛利率較該行及市場預期高出2.9及2.5個百分點。
按業務劃分,社交娛樂收入按年跌20%至39億元人民幣,較摩通預期仍高出約3%,但社交娛樂服務月活躍用戶(MAU)下跌24%至1.55億人,表現則令人失望,遜該行預期約8%,預期業務倒退是由於宏觀環境因素及來自短視頻平臺的競爭所導致。
摩通預期市場將上調對騰訊音樂末季經調整純利預測,維持予「中性」評級,美股目標價4.8美元。
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