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<Research>Citi Keeps Buy on Tencent Music (TME.US), But Nearly Halves TP to USD15
Recommend 6 Positive 5 Negative 7 |
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According to a report from Citi, even though both of TME-SW (01698.HK)'s 4Q25 revenue and non-IFRS net profit beat the broker's expectations, the company's management indicated that subscription revenue is likely to face headwinds in the short term due to the disruptive impact of AI-generated music and intensifying competition. After adjusting its forecasts, Citi has axed its target price for Tencent Music (TME.US) from USD29 to USD15 based on a projected 2027 P/E ratio of 14x (PEG ratio of 1x). The Buy rating, however, remains on Tencent Music. AAStocks Financial News |
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