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《大行》花旗對騰訊音樂(TME.US)新訂閱計劃感樂觀 升目標價至23美元
阿思達克 07-04 11:13
花旗發表報告指,對騰訊音樂-SW(01698.HK)(TME.US)最新的音樂訂閱計劃持樂觀態度,該計劃平衡了淨新增用戶和每用戶平均收入(ARPU)的增長,並致力於將訂閱者轉化爲超級VIP會員,證明瞭是一種可持續且具韌性的方式,確保音樂訂閱收入穩定增長,改善了利潤前景。 該行認爲,騰訊音樂將內地在線音頻分享平臺喜馬拉雅領先的長篇內容資產加入其平臺,將進一步增強其整體內容供給,並通過提高超級VIP會員轉化率和廣告收入潛力來提升變現能力。 在調整預估後,花旗將騰訊音樂目標價從17美元上調至23美元,基於2026年預估每股盈利0.93美元的25倍市盈率(原爲18倍)。維持「買入」評級。花旗相信,騰訊音樂的穩定和定期的訂閱模式能不斷提升利潤率,並在未來形成以藝人和粉絲互動爲基礎的娛樂生態系統,這與年輕中國消費者日益增長的服務消費趨勢高度契合。 不過花旗提及,由於喜馬拉雅收購案尚待監管批準,該行尚未將其財務貢獻納入上述考量。
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