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大行評級|瑞銀:上調奈飛目標價至1495美元 長期趨勢及競爭格局有利於提升變現能力
格隆匯 07-23 10:42

瑞銀髮表研究報告指,撇除外匯變動影響後,奈飛次季收入按年升17%,符合預期;GAAP計EBIT(經營溢利)升45%,較該行及市場預期升約40%爲高。管理層指增長主要受會員數量增長、價格調升及廣告收入增加所帶動,並指引第三季(撇除外匯影響)收入升17%,經營溢利升25%;全年(撇除外匯影響)收入增長指引則由原先14%至17%,升至介乎16%至17%,利潤率指引由原先29%升至30%。

該行認爲長期趨勢與競爭格局仍有利於奈飛提升變現能力與營運槓桿,將目標價由1450美元上調至1495美元,維持“買入”評級。報告指,上半年日均觀看時數按年增長1.8%,相信多元化的內容與直播節目投資將支持觀衆參與度,且每小時觀看價格仍處行業低位,有利後續變現能力提升。管理層表示加價後用戶流失率與收費方案組合大致穩定,並繼續預期全年廣告收入按年翻倍。

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