大行评级|花旗:腾讯音乐整合喜马拉雅对短期增长构成压力,目标价降至11.4美元

格隆汇
Aug 12
花旗发表研报指,腾讯音乐第二季业绩表现略胜预期,但核心音乐相关会员服务收入持续受压及广告收入增长放缓,认为第三季及全年展望转弱。该行指,整合喜马拉雅对毛利率有正面作用,但在成本优化及整合协同效应全面体现前,短期营运开支增加导致营运去杠杆,纯利增长放缓,相信整合过程将对集团短期增长构成压力。该行将腾讯音乐美股目标价由13美元下调至11.4美元,维持“买入”评级。

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