《大行報告》匯豐研究升騰訊音樂(01698.HK)目標價至37.05元 估值合理評級「持有」
匯豐環球研究發表報告指,騰訊音樂(TME.US)(01698.HK)本月再度上調QQ音樂收費以改善每用戶平均收益(ARPU)。該行認為,相對穩定的競爭環境允許更多上調收費空間。縱使抖音強勁流量支持汽水音樂(Soda music)用戶強勁增長,但每用戶日均花費時間僅為5分鐘,少於QQ音樂及酷我音樂的14及26分鐘。該行又指,騰訊音樂在業內的強勁優勢基於其無可匹敵的內容儲藏,且可作為新加入者的主要進入障礙。
該行上調對騰訊音樂今明兩年收入預測1%,反映更高的ARPU假設,並上調今明兩年非通用會計準則淨利潤率1.2至1.8個百分點,反映經營槓桿改善及早前忽略稅務優勢延長至今年。該行對騰訊音樂目標價由28.86元上調至37.05元,相當於2024年預測市盈率14倍。
該行表示,縱使喜歡音樂行業的清晰度,但認為騰訊音樂股價僅屬合理,維持對該股「持有」評級。
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