《大行報告》大和下調騰訊音樂-SW(01698.HK)目標價至38元 評級「買入」
大和發表研究報告指,騰訊音樂-SW(01698.HK)(TME.US)將於8月中旬公布業績,考慮到公司為降低合規風險而主動調整旗下社交娛樂業務,包括對直播業務實施了多項風控措施,料短期內將影響社交娛樂收入增長,次季按年跌幅可能達到逾20%,拖累公司第三及第四季總收入分別下跌3%及1%。
該行預測公司今年盈利無法達到指引的63億至64億元人民幣,將其年度非通用會計準則下淨利潤預測由早前的62.88億元人民幣,降至58.58億元人民幣。
該行現時對騰訊音樂第二季總收入預測為73億元人民幣,即按年增長約5%,當中在線音樂服務收入料增長37%,社交娛樂業務收入料下跌18%,非通用會計準則下淨利潤料達到15億元人民幣。
計及直播業務調整所帶來的影響,大和將騰訊音樂2023至2024年收入預測下調4%至6%,盈利預測下調7%至8%,目標價由46元下調至38元,重申「買入」評級。
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