《大行報告》美銀證券下調騰訊音樂(01698.HK)目標價至34元 評級「買入」
美銀證券發表報告指,騰訊音樂(01698.HK)強勁的音樂業務為疲軟的直播業務提供緩衝。隨著集團毛利率持續改善和成本控制,音樂業務盈利能力遠勝預期,認為直播收入大幅下降對集團今年至後年利潤影響有限。
美銀證券認為,騰訊音樂的音樂業務毛利率已超過Spotify 25%的水平,並仍有增長空間。不過,直播業務調整對收入的影響大大低於市場預期,估計下半年社交業務收入按年下降逾50%,而之前預期為下跌25%。
總體而言,由於音樂業務強勁,美銀證券將騰訊音樂2023至2025財年收入預測下調8至14%,利潤預測下調5至7%。港股目標價由39元降至34元,重申「買入」評級。
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