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《大行報告》麥格理上調騰訊音樂(TME.US)評級至「中性」 目標價升45%至7.4美元
麥格理發表研究報告指,騰訊音樂(TME.US)首季表現穩健,線上音樂業務貢獻了其總收入的逾一半。該行預計,其音樂付費用戶和每用戶平均收入(ARPU)亦將穩定增長,這或會在今年推動集團的收入增長6%。該行分別上調集團2023及24財年的經調整盈利19%和28%,目標價升45%至7.4元,評級由「跑輸大市」上調至「中性」。 該行表示,集團首季業績大致符合預期,總收入按年升5.4%至70億元人民幣;非國際財務報告準則純利達13億元人民幣,超過預期。雖然收入增長保持在單位數水平,惟認為大部分下行風險現在已經反映在市場預期和當前估值之中。該行預期,集團第二季收入將按年增長8%,又料更好的多元化業務將緩解其社交業務的利潤率下滑,令次季盈利持續增長至16億元人民幣。
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