GLONGHUI, May 16 | CCB International published a research report showing that Tencent Music's revenue for the first quarter of this year fell 3% year-on-year, which was better than market expectations, mainly due to a sharp increase of 43% year-on-year in online music service revenue during the period. Among them, the number of paying users increased 20% to 113 million, driving 39% growth in the music subscription business. It is expected that strong business performance and improving gross margin will continue into the second quarter, driving continued profit growth. The bank also said that the company announced its first annual dividend, describing it as being surprised to raise the 2024-2026 profit forecast by 5% to 6%, and raise the target price from HK$47.6 to HK$66.3, corresponding to the 2025 forecast price-earnings ratio of about 22 times, maintaining a “outperforming the market” rating.
大行评级｜建银国际：上调腾讯音乐目标价至66.3港元 维持“跑赢大市”评级
Bank Ratings | CCB International: Raising Tencent Music's Target Price to HK$66.3 to Maintain “Outperform the Market” Rating
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