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大行評級丨交銀國際:微降騰訊音樂目標價至 重申“買入”評級
交銀國際發報吿指,騰訊音樂音樂會員超1億,直播調整不會改變騰訊音樂長期利潤增長趨勢,重申“買入”評級,目標價由35港元微降至34港元。報吿指,騰訊音樂2季收入73億元,同比增6%,經調整淨利潤為16億元,同比增48%,均與該行預期一致,經調整淨利率21%,同比提升6個百分點,公司2季度業績符合該行預期。交銀表示,社交娛樂業務調整影響高於預料,下調3季度及全年收入預測,全年收入或降36%至101億元,基於直播業務調整,該行下調2023及2024年收入預期7%及9%,微降調整後淨利潤 4%及3%。基於15倍2024年文娛公司平均市盈率估值。故微調目標價,由35港元降至34港元。音樂會員增長及利潤/現金流擴大前景不變。現價對應0.7倍2024年PEG,低於文娛公司平均1倍,維持“買入”評級。
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