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大行評級|大摩:上調騰訊音樂評級至“增持” 目標價13美元
格隆匯 01-20 11:05

摩根士丹利發表研報指,騰訊音樂股價自去年12月1日起已回調15%,至於MSCI中國指數則回調1%。該行認為,鑑於預計騰訊音樂2024至2026財年非國際財務報吿準則淨利潤複合年均增長率超過15%,目前預測13.5倍的2025財年市盈率估值具有吸引力。

大摩認為,騰訊音樂仍處於有利地位,該公司能抵禦宏觀不確定性,主要由於所有類型的線上娛樂中,音樂訂閲的每用户平均收入(ARPPU)最低。該行亦指,網易今年截至目前的表現優異,故認為市場低估了騰訊音樂的韌性。大摩將騰訊音樂的目標價定於13美元,評級由“與大市同步”上調至“增持”。

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