【新股IPO】腾讯音乐(01698)在港第二上市首日收报18.22港元

凤凰网港股2022-09-21

腾讯音乐(01698)在港首日挂牌收报18.22港元，较上交易日ADS等值17.98港元高1.36%，全日成交39.68万股，成交额721.29万港元。交银表示，腾讯音乐（TME）在港二次上市，因本次上市不涉及新股发行融资，不会稀释现有股东股权。截至2季度末，TME净现金160亿元人民币，扣除净现金后市值对应2022/23年市盈率9.2/8.7倍。该行续指，独家音乐版权取消后，市场格局未见明显变化。中国大陆音乐付费仍有提升空间，但增速将逐渐放缓，各公司将更注重有质量的付费用户增长，并结合免费模式寻求广告变现增量。TME社交娱乐仍承压，云音乐持续提升直播对主站用户渗透。版权费用优化将驱动毛利率改善，带动利润增长。只对比音乐业务，2季度TME实现调整后经营利润层面盈亏平衡，与Spotify相当。云音乐亏损率持续收窄。该行指，TME行业领先地位保持不变，看好利润及现金流增长。维持目标价5.70 美元，对应港股23港元，及14倍 2023 年市盈率。维持买入。

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