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《大行報告》大和上調騰訊音樂-SW(01698.HK)目標價至32.5元 上季業績符預期
大和發表研究報告指,騰訊音樂-SW(01698.HK)第三季業績符合市場預期,看到線上音樂服務的發展已步入正軌,而社交娛樂業務的復甦時機仍然不明朗。 展望明年,大和預計騰訊音樂的收入將恢復正增長,按年增幅達約2%,盈利料按年增長7%,憧憬直播業務收入提早復甦可帶來預測上調空間,同時預計剩餘的4億美元股份回購計劃,可為股價帶來一定支持。 大和指,在毛利率大幅改善和成本下降後,騰訊音樂明年的盈利增長或會放緩,至2025年才會恢復正常化,又預計音樂訂閱及廣告業務的持續增長,將推動2024年毛利率的擴張。大和將其目標價由30.5元上調至32.5元,重申「買入」評級,2025年收入及盈利預測則下調2%及4%。
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