《大行》中銀國際升騰訊音樂(01698.HK)目標價至106元 次季業績勝預期
中銀國際研究報告指出,騰訊音樂-SW(01698.HK)(TME.US)次季業績勝預期,季度總收入按年增18%,經調整淨利潤按年增長37%達到26億元人民幣,分別超出市場一致預期6%及13%。150萬的音樂付費會員季度淨增,以及11.7元人民幣的月均每月每付費用戶平均收入(ARPPU)均與該行預期一致,然而按年大增47%的音樂非會員收入,遠超該行預期。
中銀國際認為,基於其穩固的音樂競爭優勢,公司持續將ARPPU導向的音樂會員業務作為其持續的主要增長引擎,同時在核心會員的基礎上加速上線新的產品功能,豐富音樂相關的服務以及擴大並加深其非會員的商業化手段和能力。
該行維持騰訊音樂「買入」評級,H股目標價由原先93.8港元上調至106港元。美股目標價由23.9美元升至27美元。
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