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<Research>Jefferies Lifts Full-Yr Non-IFRS NP Forecast for Tencent Music (TME.US); ADR TP Raised to USD17
Tencent Music (TME.US)'s 1Q25 revenue and non-IFRS net profit basically met expectations, Jefferies wrote in its report. Management reiterated the goals of accelerating revenue...
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<Research>Jefferies Lifts Full-Yr Non-IFRS NP Forecast for Tencent Music (TME.US); ADR TP Raised to USD17
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Tencent Music (TME.US)      's 1Q25 revenue and non-IFRS net profit basically met expectations, Jefferies wrote in its report. Management reiterated the goals of accelerating revenue growth and expanding profit margins this year during the conference call.

In Jefferies' estimate, Tencent Music's 2Q revenue will rise by 9% YoY to RMB8 billion. By business segment, online music service revenue is expected to grow by 19% YoY to RMB6.4 billion, while social entertainment revenue will remain flat QoQ. Music quarterly net adds for online music services are projected to be around 1.5 million, with average revenue per paying user increasing to RMB11.6.

Related NewsNomura Keeps Tencent Music's Rating as Buy; Music Subscription Rev. Growth on Track
In addition, other revenue growth is anticipated to outpace subscription revenue growth, with quarterly GPM at around 44.5% and 2Q non-IFRS net profit at RMB2.3 billion. For the full year 2025, Jefferies envisioned total revenue to climb by about 9.5% YoY to RMB31 billion, with non-IFRS net profit touching around RMB8.8 billion (previously RMB8.7 billion).

Jefferies raised its target price for Tencent Music's ADR from USD15.2 to USD17 and kept the Buy rating unchanged.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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