《大行報告》匯豐研究升騰訊音樂(01698.HK)目標價至40.56元 強勁毛利前景已反映
匯豐研究發表研報,騰訊音樂(01698.HK)(TME.US)線上音樂業務毛利率高於市場預期,推動上季盈利增長,預期線上音樂業務營運槓桿提升、廣告收入和自主開發內容貢獻增加,將進一步推動毛利率未來增長。
相應地該行將騰訊音樂今明兩年毛利率預測從36.9%及37.5%,上調至39.7%及40.9%。然而,為推動用戶付費率上升,公司近年加強產品升級及新渠道拓展,匯豐研究預期可能會導致營銷開支增加,將抵消鈉毛利率部分升幅。
因此該行僅將今明兩年非通用會計準則下淨利潤預測上調3%及4%,收入預測略微上調3%,目標價由37.05港元升至40.56港元,維持「持有」評級,認為現價水平計估值合理,並已反映了強勁毛利前景的利好因素。
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