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《大行》中銀國際升騰訊音樂(01698.HK)目標價至73.8元 維持「買入」評級
阿思達克 06-04 10:26
中銀國際研究報告指,預期騰訊音樂(01698.HK)可以達成2028下半年月均ARPPU 15元人民幣的中期目標,基於折扣收窄及SVIP滲透率上升,並預期2030年初可達成付費用戶1.5億的目標。非訂閱業務方面,該行料廣告業務會維持穩健增長,並提供多種廣告產品和格式。 集團日前公布收購韓國娛樂公司SM的股權,成為第二大股東,該行預期將加快集團於多領域的投資,包括內容、夥伴合作、線下表演及全球市場併購等,因集團有強勁的現金流產生能力及健康的現金狀態。 該行將2025至27年非訂閱業務的收入預測上調2%至6%,令整體收入預測升1%,經調整EPADS上調2%至3%;而2025全年經調整EPADS則由0.83美元升至0.85美元。維持「買入」評級,港股目標價由64.8港元升至73.8港元,騰訊音樂(TME.US)美股目標價由16.5美元升至18.8美元。
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