大行评级|大和:下调腾讯音乐目标价至38港元,下调每股盈利预测

格隆汇
Aug 12
大和发表研报指,腾讯音乐第二季收入及经调整纯利分别胜市场预期2%及6%,主要是受到音乐相关服务收入较预期强劲所带动。不过,大和认为,由于宏观逆风,加上与喜马拉雅的整合过程需时或导致收入增长放缓,令广告收入存在下行风险。该行将腾讯音乐2026至28年每股盈利预测下调8%至12%,并延展估值基础,以预测今明两年平均市盈率10倍计(原先为预测今年市盈率12倍,以反映执行风险),目标价由47港元下调至38港元,续予“持有”评级。

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