《大行》高盛升騰訊音樂(01698.HK)目標價至82元 重申「買入」
高盛研究報告指,將騰訊音樂(01698.HK)(TME.US)港股目標價由60.4港元升至82港元,並將美股目標價由15.5美元升至21美元,重申「買入」評級;2025至27年的收入預測上調0.5至3.9%,非公認會計準則淨利潤預測上調0至4%。
報告指,騰訊音樂超級VIP的滲透率目前為低雙位數,料未來可增至20%,因目前超級VIP的每用戶平均收入(ARPU)僅為十多元人民幣,加上公司提供的福利,包括音樂內容和現場活動等日益豐富,料今年ARPU增長10%,明年及以後有高單位數增長。
非訂閱業務方面,該行認為線下活動及藝人經理人業務長期有很大潛力,因公司已與更多藝人簽約,並參與唱片出版及贊助演唱會。另外,根據公司日前收購SM娛樂及喜馬拉雅的交易,該行認為公司致力提升其音樂內容及服務,而不單只是串流音樂,亦符合公司希望擴展其版圖至整個音樂產業價值鏈的長期策略。基於公司的現金流及健康的資產負債表,該行認為目前股東回報政策的風險不大。
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