You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
大行評級|招銀國際:上調升雲音樂目標價至106.5港元 維持“買入”評級
格隆匯 03-05 14:38
招銀國際發報吿,指雲音樂核心音樂業務穩固,看好其核心業務未來發展及毛利率擴張,將其目標價從99.5港元調升至106.5港元,並維持“買入”評級。據云音樂去年業績顯示,公司總收入按年跌13%至78.7億元,與招銀國際及市場預期相若。其中,下半年收入按年降16%,主要由於社交娛樂業務調整,令相關收入按年跌42%。不過,由於毛利率按年大幅增加12.3個百分點,雲音樂去年調整後淨利潤達到8.19億元,高於招銀國際及市場普遍預期。招銀國際特別看好雲音樂的核心音樂業務前景。2023年下半年,雲音樂的在線音樂收入按年增長22%,達到23億元,佔下半年總收入的59%,主要受訂閲業務的強勁增長(按年增長24%)和廣吿變現能力的加強的帶動。2023年,雲音樂的平均每月付費用户按年增15%,達到4410萬,付費比例按年上升1.2個百分點,至21.4%。招銀國際預計,雲音樂的毛利率將在2024至2026財年進一步上升,並預測其調整後淨利潤將在此期間以28%的年複合增長率增長,認為其目前相當於預測2024財年市盈率18倍的估值具吸引力。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account