《大行》中金:騰訊音樂(01698.HK)擬購喜馬拉雅 可完善內容生態差異化佈局
中金發表研究報告指,騰訊音樂(01698.HK)(TME.US)收購喜馬拉雅後,喜馬拉雅曾回應指,此次併購事項若正式交割後,喜馬拉雅將保持現有品牌不變、現有產品獨立營運不變、核心管理團隊不變、公司戰略發展方向不變。
中金認為,喜馬拉雅長音頻與騰訊音樂在用戶和內容兩端形成互補,若此收購事項落地,差異化的內容權益有助於付費用戶的精細化營運,是騰訊音樂推動超級會員(SVIP)訂閱滲透率提升的核心驅動之一,為每付費用戶平均收入(ARPPU)可持續增長提供支持。
此外,中金維持騰訊音樂今明兩年非國際財務報告準則(Non-IFRS)淨利潤預測不變,保持對公司「跑贏行業」評級,港股目標價為80元、美股目標價20.7美元。該行認為騰訊音樂面臨的風險包括收購事項仍未完全落地、競爭加劇、監管趨緊,在線音樂業務增長放緩及社交娛樂收入持續承壓。
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