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<Research>Daiwa Axes TP of TME-SW (01698.HK) to HKD47, Downgrades Stock to Hold
Daiwa's research report said that the management of TME-SW (01698.HK) adopted a cautious tone regarding the competition posed by ByteDance's Soda Music in developing AI mus...
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<Research>Daiwa Axes TP of TME-SW (01698.HK) to HKD47, Downgrades Stock to Hold
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Daiwa's research report said that the management of TME-SW (01698.HK)  -0.400 (-1.170%)    Short selling $13.45M; Ratio 20.739%   adopted a cautious tone regarding the competition posed by ByteDance's Soda Music in developing AI music, which triggered a plunge in TENCENT MUSIC (TME.US)      shares in the US market earlier.

Despite its new revenue and profit guidance for 2026 being only 3% below street consensus, the broker expressed surprise at the impact of this event on TENCENT MUSIC's subscriber growth. This suggests that the stickiness of Chinese music users and their preference for original music are lower than imagined.

Related News G Sachs Cuts TME-SW (01698.HK) TP to HKD59; Buy
The broker revised down its EPS forecast for TENCENT MUSIC for 2026-27 by 4-7%, and considerably lowered its target price from HKD82 to HKD47. In view of the deteriorating outlook, the rating was lowered from Buy to Hold.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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