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大摩:维持网易(NTES.US)“增持”评级 目标价150美元
格隆汇 05-27 17:20

摩根士丹利发表研究报告指,网易拟分拆网易云音乐于港交所上市,可令市场更好评估其单独游戏业务的估值。该行维持其“增持”评级,美股目标价150美元。

该行预期,网易云音乐今年收入增长将为高双位数,当中受惠于直播收入较订阅收入更高。该行指,根据QuestMobile的数字,网易云音乐的月活跃用户(MAU)与哔哩哔哩(9626.HK)水平相若,社区用户亦相若,另外有超过20万名本地音乐人及强劲的音乐推荐演算法,符合年轻人的音乐需求,而较腾讯音乐更少版权亦无损其用户体验。

该行指,撇除网易有道及网易云音乐,网易游戏业务以现价计算的2022年预测市盈率只有19倍,较环球同业的16-36倍便宜。

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