高盛也表示，腾讯音乐第二季业绩符合预期，但对下半年至2025年的展望不一，管理层将每季净新增用户指引由原来的300万，下调至150万至200万水平。料腾讯音乐增长动力的转换，可能会引起部分投资者对多重收缩的忧虑，但看好其长期增长前景，目标价下调11%至55.1港元。另外，中银国际将腾讯音乐目标价由63港元降至51港元。Tencent Music-SW (01698) fell nearly 4%. As of press release, it was down 3.79% to HK$41.85, with a turnover of HK$14.6501 million.
The Zhitong Finance App learned that Tencent Music - SW (01698) fell nearly 4%. As of press release, it fell 3.79% to HK$41.85, with a turnover of HK$14.6501 million.
Yamato pointed out that the company's second-quarter results are in line with market expectations. The latest guidelines target music subscriptions for 2025 are 18% year-on-year growth. Together with the guidelines for the second half of this year, they are lower than the bank's expectations, and the company has also delayed reaching medium- to long-term goals. Tencent Music's rating was downgraded two levels in a row from “buy” to “hold”, and the target price was reduced from HK$66 to HK$46.
Goldman Sachs also said that Tencent Music's second-quarter results were in line with expectations, but the outlook for the second half of the year to 2025 was mixed. Management lowered the net new user guide for each quarter from the original 3 million to the level of 1.5 million to 2 million. It is expected that the shift in Tencent Music's growth momentum may cause some investors to worry about multiple contractions, but they are optimistic about its long-term growth prospects, and the target price will be lowered by 11% to HK$55.1. Additionally, BOCI reduced the target price of Tencent Music from HK$63 to HK$51.
