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《大行報告》匯豐研究上調騰訊音樂-SW(01698.HK)目標價至30.03港元 評級「持有」
匯豐研究發表報告指,社交娛樂業務仍然是拖累騰訊音樂-SW(01698.HK)收入表現的因素,要實現收入增長具有挑戰性,但音樂業務利潤率提高和審慎的銷售及市場推廣開支(S&M)將有助於提高盈利能力。維持予其美股(TME.US)「持有」評級,目標價由7.4美元升至7.7美元。港股目標價亦由28.86港元升至30.03港元。 匯豐研究降低對騰訊音樂今年收入預測,料按年增長4%。但對其利潤擴張前景信心提升,因為音樂業務毛利率改善和審慎的S&M策略,因此將2022至2024年盈利預測提高2%至3%,並認為目前估值合理。整體而言,報告認為其社交娛樂業務缺短期催化劑,續面對競爭壓力,惟被線上音樂強勁展望所部分抵銷。 騰訊音樂將於3月公布去年末季業績,該行預計末季收入按年下跌3%,當中,付費音樂收入料按年增長20%,用戶數量按季增長240萬,至8,770萬;其他音樂收入按年增長25%;社交娛樂業務收入按年下跌19%;而non-GAAP淨利潤率料升1.7個百分點至20.8%。 阿思達克財經新
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