The Zhitong Finance App learned that Tencent Music - SW (01698) rose nearly 7%. As of press release, it had risen 6.92% to HK$59.45, with a turnover of HK$155.40,400.

According to news, Tencent Music's total revenue for the first quarter was 6.77 billion yuan, and adjusted net profit (non-IFRS) increased 23.9% year-on-year to 1.81 billion yuan. Among them, online music subscription revenue reached 3.62 billion yuan, an increase of 39.2% over the previous year. In this quarter, the number of Tencent Music online music subscribers increased 20.2% year over year to 113.5 million, a net increase of 6.8 million month-on-month, the biggest increase in users in a single quarter so far.

Bank of America Securities pointed out that in the first quarter, the company benefited from strong music user growth and better profit margin trends, and its performance was strong and better than expected. Reiterating the “Buy” rating, the target price was raised from HK$51 to HK$71. Lyon raised its target price from HK$48.9 to HK$67.5. According to the Yamato Research Report, it is gratifying that the Group declared an annual dividend for the first time, paying 0.0685 US dollars per common share, or 0.137 US dollars per ADS, further strengthening shareholder returns. The target price was raised from HK$49 to HK$60.