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《大行報告》大和升騰訊音樂(TME.US)目標價至12美元 提升盈利增長預期
大和發表報告指,騰訊音樂(TME.US)上季業績穩固。音樂訂閱每位付費用戶平均收入(ARPPU)加快擴張,加上音樂廣告收入按年上升,帶動線上音樂毛利率按年上升。該行認為,管理層的今年盈利增長指引將有上升空間。 大和預計集團將在音樂內容成本上發揮槓桿作用,該成本相對穩定,可能將其今年毛利率推升至40%,而中長期則或進一步達到45%。另一方面,集團亦正尋求提升股東回報;去年公司回購1.6%已發行股份,回購額度尚未用盡;加上去年底止公司持淨現金37億美元,該行認為公司有可能派息(雖然該行不預期派息),並透過回購及潛在派息帶來介乎3%至4%的股東收益率。 該行上調集團今明兩年的每股盈測介乎10%至13%,重申予其美股「買入」評級,目標價由10.3美元上調至12美元。
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