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《大行報告》花旗升騰訊音樂(TME.US)目標價至9美元 評級「中性」
花旗發表報告表示,預計騰訊音樂 (TME.US)去年第四季總收入符合預期,經調整淨利潤則或略高過預期,料總收入將按年下跌4%至73億人民幣,及經調整淨利潤為14.7億人民幣。 展望今年,花旗指預計騰訊音樂線上音樂的季度用戶淨增量將保持在200至300萬,每戶月平均收入(ARPU)將逐步提高,毛利率將逐步改善。隨著宏觀經濟復甦和低基數下,線上廣告收入將重新加速增長。雖然社交娛樂的收入將繼續按年下降,但速度可能會放緩。 花旗對騰訊音樂目標價由6.5美元升至9美元,又指該股自去年11月以來累計上升超過140%,相當於今明兩年市盈率預測18.2倍和17.3倍,目前估值合理惟不太吸引,因此維持「中性」評級。
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