《大行報告》中金升雲音樂(09899.HK)目標價至135元 料末季Non-IFRS淨虧損收窄至2,800萬人幣
中金發表報告,料雲音樂(09899.HK)將於2月下旬發布去年末季業績;料季度收入按年增25.6%至23.74億元人民幣,Non-IFRS淨虧損料續收窄至2,800萬元人民幣。
報告預計其在線音樂訂閱收入延續量價齊升,社交娛樂收入或按季微降。毛利率或穩中有升,經營效率仍保持高優先級。Avex、相信音樂版權相繼續約及回歸,關注重點版權持續回歸進展。
中金維持其2022至2024年Non-IFRS盈測不變,維持「跑贏行業」評級,考慮到市場估值中樞上移,上調目標價31.5%至135港元,相當於預測今明兩年市銷率1.9倍及1.5倍。
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