《大行》交銀國際升騰訊音樂(01698.HK)目標價至74元 維持「買入」評級
交銀國際發表研究報告,基本維持對騰訊音樂(01698.HK)(TME.US)的今明兩年經調整淨利潤預測,另分別將其港股及美股目標價上調至74港元及19美元,維持「買入」評級。預期未來季度會員淨增長會受營運節奏影響或有波動,但長期目標1.5億會員及15元人民幣月均ARPPU的可見性高。
報告提到,騰訊音樂收購SM娛樂約221萬股份,將拓展版權以外合作,共同打造中國偶像組合、發展IP業務、拓展線下演出合作。
該行維持對騰訊音樂的音樂訂閱收入穩健增長預測,預計2025年增16%,其中會員按年增6%,月均ARPPU增10%,持續受益於促銷減少及SVIP佔比提升。預計非訂閱收入增速快於訂閱,2025年或增18%。
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