研報掘金|中金:維持騰訊音樂“跑贏行業”評級 上調美股、H股目標價
中金公司發表報吿,騰訊音樂首次於公吿中宣派股息,每ADS派息0.137美元;現金股利總額為2.1億美元,佔IFRS淨利潤31.3%。股息率以北京時間5月13日美盤收盤價作基準為1.03%。中金認為,集團對其長期穩定發展有信心,且重視投資者回報。報吿表示,騰訊音樂因成本及銷售費用低於預期,整體收入及Non-IFRS淨利潤均超中金及市場預期,上調集團今明兩年Non-IFRS淨利潤預測2.4%、1.9%。考慮到對騰訊音樂的盈測調整和其音樂業務長期發展空間,該行上調H股目標價28%至65.4港元,及上調美股目標價28.8%至17美元,等同H股、美股對應25和21倍今明兩年Non-IFRS的市盈率,分別有19.2%/27.4%的上行空間,維持“跑贏行業”評級。
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