《大行報告》大摩下調騰訊音樂(TME.US)目標價至9美元 評級「增持」
摩根士丹利發表研究報告指,騰訊音樂(TME.US)在6月份調整了部分直播功能,這將加快公司由社交變為音樂的轉型,有利於長期增長、利潤和利潤率組合以及估值。該行預計,今年下半年社交業務收入將按年下降56%,全年則跌37%至100億元人民幣。雖然業務仍然受到宏觀環境和短視頻份額損失風險的影響,但預計從2024年下半年起業務收入跌幅可望收窄。該行維持集團「增持」評級,下調集團2023至25年的淨利潤預測6至9%,目標價降10%至9美元。
該行預期集團由今年起至2026年期間的訂閱用戶收入將會翻倍,又料非GAAP淨利潤將在今年第三季按季下降10%,並從第四季起恢復到可持續的按季增長。
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