《大行報告》麥格理升騰訊音樂(TME.US)目標價至13.1美元 評級「跑贏大市」
麥格理發表研究報告指,騰訊音樂(TME.US)上季業績勝預期,毛利26億元人民幣,毛利率按年擴大5.4個百分點。該行預計,集團期內的音樂服務貢獻已佔整體毛利約70%。
該行預計,集團今年的淨增用戶數將達到1,680萬,相當於音樂訂閱量按年增30%。考慮到公司與三大唱片公司的穩定合作關係及音樂內容的擴張,該行認為這將直接轉化為可持續的利潤率擴張,預計集團毛利率將按年增4.8個百分點至40%,並料今年經調整純利按年升18%至73億元人民幣。
該行上調集團今明兩年經調整純利預測分別5%及7%,以反映音樂訂閱業務每付費用戶平均收入(ARPPU)趨勢更佳;並將美股目標價上調17%,由11.2美元至升至13.1美元,評級「跑贏大市」。
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