Nomura's report indicated that TME-SW (01698.HK) -0.980 (-2.686%) Short selling $46.13M; Ratio 264.857% beat in revenue for 4Q25, with earnings largely in line. However, the guidance for 1Q26 and FY26 fell short of expectations, reflecting intensified market competition. The Buy rating was maintained. The target price for Tencent Music (TME.US) remained USD26.Tencent Music's management expected total revenue for 1Q26 to grow by 7% YoY to RMB7.9 billion, which was 5% below market forecasts. Among which, music subscription revenue was estimated to gain by 6% YoY, much lower than the market expectation of 13%. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
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