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《大行報告》大摩上調騰訊音樂(TME.US)目標價至10美元 評級「增持」
摩根士丹利發表研究報告指,中國重新開放步伐較預期快,加上騰訊音樂(01698.HK)(TME.US)執行力及市場競爭進一步緩和,對其發展前景更為樂觀,相應提升每股盈利及利潤率預測。 該行指,受用戶人數淨增加及ARPPU提升的推動,訂閱業務收入2022至2024年複合年增長率料達到21%,又指騰訊音樂正在重新包裝會員福利,以提高訂閱量、保留率和ARPPU,其中Super VIP四個月內滲透到超過100萬付費用戶,帶動2022年第三季ARPPU提高升3%,預期未來仍有增長空間。 大摩又指,中國重新開放趨勢,將令廣告業務增長速度高於訂閱服務;另外預期在新的增長動力及短視頻平台份額流失速度放緩下,社交娛樂業務的跌幅正在收窄,預期2023至2024年毛利率及淨利潤率均會上升,以預測市盈率約20倍,將美股目標價提升至10美元,評級「增持」。
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