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《大行報告》高盛上調騰訊音樂-SW(01698.HK)目標價至35.9元 評級「中性」
高盛發表報告指出,騰訊音樂-SW(01698.HK)首季業績超預期,期內收入及純利分別較該行預測高出2%及13%,主要由於訂閱量和ARPPU增長強勁,以及受惠於重新開放及宏觀環境復甦,公司線下廣告預算份額增加,廣告收入強勁反彈等。 該行將騰訊音樂2023至2025年的收入預測由下調1%至上調1%不等,主要由於音樂訂閱者和ARPPU增長的情況改善,訂閱收入增長加快,但被社交娛樂收入的下跌所抵銷。由於在線音樂業務的毛潤率擴張,該行上調公司非公認會計準則下的純利預測11%至15%。另將其H股目標價由31.4元上調至35.9元,維持「中性」評級。
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