大行評級|大和:下調騰訊音樂目標價至46港元 評級連降兩級至“持有”
大和發表研究報吿指,騰訊音樂次季業績大致符市場預期,最新指引2025年音樂訂閲目標為按年增長18%,連同今年下半年指引,都較該行預期為低,而公司亦延遲了達成中長期目標的時間。大和稱,考慮到訂閲收入增長遜預期,下調公司2024年至2026年的收入預測5%至9%,並降每股盈測介乎6%至12%。該行將公司H股的評級由“買入”連降兩級至“持有”,目標價由66港元削至46港元。大和表示,公司關注轉移至測試現有音樂用户的升級,不過每月ARPPU或不可能在2025年追上,或形成盈利下行。該行指,由於公司策略從吸引新會員轉移到改善現有會員的ARPPU,以及在較小程度上的用户流失,管理層預期用户淨增加速度將在今年下半年至明年會回覆至每季170萬至200萬。
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