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<Research>CMS Lowers Tencent Music (TME.US) TP to USD13.6, Rating Overweight
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TME-SW (01698.HK)'s 4Q25 results met expectations, with revenue growing by 16% YoY to RMB8.64 billion, beating market expectations by 3%, according to a report from China Merchants Securities. This growth was primarily driven by a 41% YoY increase in the non-subscription business as a result of the excellent performance of offline concert and advertising businesses. Given the weak outlook and concerns about competition, China Merchants Securities has dropped its target price for Tencent Music (TME.US) from USD25.6 to USD13.6 based on a 15x P/E valuation over the next 12 months. The company's rating remains Overweight. AAStocks Financial News |
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