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<Research>Nomura: TME-SW 1Q26/ FY26 Guidance Misses; Buy Rating Kept
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Nomura's report indicated that TME-SW (01698.HK) 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%. AASTOCKS Financial News Website: www.aastocks.com |
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