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《大行報告》美銀證券升騰訊音樂-SW(01698.HK)目標價至48元 音樂業務穩固毛利擴張
美銀證券發表研究報告指,在音樂付費用戶量增加及ARPU提升的雙重推動下,騰訊音樂-SW(01698.HK)(TME.US)上季業績表現穩健,超出市場預期。預期今年其核心音樂業務增長勢頭仍然強勁,上半年用戶增長料保持在趨勢更好的正確軌道上;通過控制折扣及多樣化定價策略,預期集團的ARPU將穩步提升;同時廣告業務不斷增長;每名用戶投資回報率正提高,預期音樂業務及集團整體利潤率都將持續改善。 雖然用戶量於淡季時有波動,但管理層預期整體月活躍用戶量趨勢基本平穩,又指去年大幅提價並未影響到核心音樂用戶和訂戶量。美銀指,公司正持續進行股份回購,而且在現金流良好的情況下可能會支付股息,期待在不久將來可看到具體計劃。 基於對音樂業務及利潤率前景看好,美銀將騰訊音樂今明兩年盈利預測上調9%至12%,目標價提升至48元,重申「買入」評級。
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