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<Research>CMS Initiates Coverage of TME-SW with Rating Strongly Recommend
China Merchants Securities has initiated coverage of TME-SW (01698.HK) with a rating of Strongly Recommend.In the broker's opinion, TME-SW had around a 70% share in the online ...
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<Research>CMS Initiates Coverage of TME-SW with Rating Strongly Recommend
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China Merchants Securities has initiated coverage of TME-SW (01698.HK)  -1.650 (-2.366%)    Short selling $1.60M; Ratio 1.811%   with a rating of Strongly Recommend.

In the broker's opinion, TME-SW had around a 70% share in the online music market on the back of Tencent. With a solid advantage in content licensing and empowered by innovative technologies such as AIGC, the company is continuously advancing tiered and diversified membership benefits. As domestic users become increasingly mature, it is expected that its payment rate and ARPU will be further boosted.

Related NewsCLSA: TME-SW Expands Addressable Mkt; TP Raised to HKD77.7
China Merchants Securities predicted TME-SW's operating revenue to reach RMB31 billion/ RMB34.4 billion/ RMB37.6 billion in 2025-27, with adjusted net profit attributable to shareholders at RMB8.9 billion/ RMB10 billion/ RMB11 billion.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-06 16:25.)

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