You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》大和升騰訊音樂(01698.HK)評級至「跑贏大市」 目標價上調至106元
阿思達克 08-13 12:00
大和發表研報指出,騰訊音樂(01698.HK)2025年第二季業績反映其在超級VIP(SVIP)及粉絲經濟變現方面的強勁執行力,並保持嚴謹的支出,將該股評級從「持有」升至「跑贏大市」,因新項目成爲收入增長動力;並基於25倍市盈率(原本18倍),將12個月目標價從66元上調至106元。 大和表示,儘管此前對騰訊音樂吸引/保留價格敏感用戶的策略有所擔憂,但其推出新的激勵廣告會員價格層(每月10元人民幣,自動續訂爲5元人民幣,首次優惠爲1元人民幣),相信可能推動廣告收入增長快於訂閱收入,無論如何對騰訊音樂線上音樂毛利率均爲正面。 大和又表示,騰訊音樂收購喜馬拉雅可能成爲其音樂業務的策略補充,並強化SVIP產品;相信可利用其騰訊分發網絡降低銷售及營銷成本。若市場監管機構批準此次收購,大和估計2026年將帶來5%至10%的增量盈利,這尚未納入該行的預測。 大和將2025至2027年收入預測上調3%至4%,每股盈餘上調2%至7%,因線上音樂收入增長及營運利潤率超預期。 大和預期騰訊音樂2026至2027年盈利增長更強,較市場共識高15%至17%。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account