《大行》高盛:騰訊音樂(01698.HK)拓展長篇音頻和播客領域 收購喜馬拉雅符合策略
騰訊音樂(01698.HK)收購喜馬拉雅。高盛認爲,騰訊音樂過去數年致力拓展長篇音頻和播客領域。監於喜馬拉雅在有聲書、音頻IP和播客方面的影響力,擬議收購與公司擴張策略相符。根據Questmobile數據,騰訊音樂的主要應用程式與喜馬拉雅用戶的月活躍用戶重疊率在25%以內。
該行認爲,線上音樂串流是規範的市場,騰訊音樂應繼續在差異化內容提供和用戶生態系統方面保持優勢。擬議收購與公司通過擴展長篇音頻內容來提高用戶留存率和滲透率的策略一致。該行亦指,長篇音頻行業付費意願較低,付費比率爲中低單位數,遠低於音樂串流的20%以上,因此盈利能力較低。如何通過更多樣化的變現化方式擴大總可觸及市場,並將獨立應用程式整合於騰訊生態系統將爲關鍵。
該行對騰訊音樂的ADR及H股均予「買入」評級。目標價分別爲15.5美元及60.4元。
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