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《大行報告》花旗上調騰訊音樂(TME.US)目標價至8.4美元 評級「中性」
花旗發表研究報告指,騰訊音樂(01698.HK)(TME.US)第三季度業績超出預期,總收入按年下降10.8%至65.7億元人民幣,經調整淨利潤增長6.5%至15億元人民幣,其中在線音樂服務收入按年增長32.7%,但部分被社交娛樂服務及其他服務收入下跌49%所抵銷。 展望第四季度,騰訊音樂預計在線音樂訂閱用戶及ARPPU將保持健康增長,加上線上廣告收入增長強勁,以及持續的成本管理,相信毛利率及淨利潤率將按季改善。 根據第三季業績及未來展望,該行將2023至2025年各年收入預測上調4%、7.2%及7%,經調整淨利潤預測則上調4.2%、4%和6.7%,以反映社交娛樂業務所帶來的影響較預期小,以及在線音樂收入增長略有改善,及利潤率進一步擴張的前景,預計明年收入及經調整淨利潤將分別按年增長1%及6.6%。 花旗將騰訊音樂美股目標價由7美元上調至8.4美元,對應2024年每股經調整盈利預測約15倍,並維持「中性」評級。
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