《大行報告》大摩上調騰訊音樂(TME.US)目標價至11美元 評級「增持」
摩根士丹利發表報告指,騰訊音樂(TME.US)過去兩個月股價升40%﹐但其音樂業務仍然被低估,未來兩至三年具高度可見的增長前景,來自宏觀環境及市場競爭的風險有限,將其美股目標價上調10%至11美元,反映2024及2025年預測市盈率分別19倍及16倍,評級「增持」。
該行指,音樂業務是中國娛樂行業中,增長最快的板塊,公司管理層早前預期,總用戶人數有望由第三季的1.03億戶,中期增長至1.5億戶,即以每季超過300萬戶的速度增長,長期增長至3億戶。該行估計,在2023至2026年期間,每付費用戶平均收入(ARPPU)增長可達50%,因為以往提供折扣令比較基數較低,而付費用戶的保留比例及使用時間都穩定增長。
該行認為,在2023至2026年,用戶收入複合年增長率超過20%,收入組合優化、音樂內容成本槓桿效益增加、員工數目穩定,將會令利潤率持續提升。
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