《大行報告》花旗上調騰訊音樂(TME.US)目標價至6.5美元 評級「中性」
花旗發表研究報告,上調騰訊音樂(01698.HK)(TME.US)目標價至6.5美元,指出第三季業績好過預期,收入較花旗及市場普遍預期高4.3%及4%。經調整淨利潤按年增長33%,亦超出預期17.6%及24.5%,主要來自於音樂訂閱收入按年增長18%、強勁的數字專輯收入及線上廣告收入恢復增長等推動,但當中有部分被社交娛樂收入持續疲軟所抵銷。
花旗指,騰訊音樂錄得穩健利潤增長,超出預期,相信是由於毛利率改善及營銷開支減少所致,展望第四季,預計隨著線上廣告收入增長及數字專輯收入向好,應可部分抵銷社交業務收入持續疲軟的影響。
公司憧憬線上音樂業務的毛利率及經營溢利率明年可進一步改善,達到穩定健康的增長,因此花旗將2022至2024年收入預測上調2.4%、2.6%及2.6%,盈利預測上調11.3%、15.8%及16.9%,美股目標價由4.6美元上調至6.5美元,並維持「中性」評級。
該行現時預測今年全年騰訊音樂收入將按年跌9.4%至283億元人民幣,經調整淨利潤料達到48億元人民幣,至2022年底音樂訂閱量料將達到8,790萬,付費率達15%。
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