According to the Smart Finance APP, it was reported that Credit Suisse released a research report stating that the target price of Tencent Music-SW (01698) has been lowered from HK$65.1 to HK$62.2, reiterating its 'outperform' rating, forecasting resilience in third-quarter profits. The bank has revised its profit forecasts for Tencent Music for the next two years by +0.6% and -0.7% respectively, mainly reflecting a decrease in their forecast for the social entertainment business, partially offset by improved cost control. The bank expects the company's third-quarter social entertainment revenue contribution to drop to 20%.

It is reported that Tencent Music will disclose its third-quarter performance on November 12th. The bank expects the company's total revenue forecast to increase by 6.8% year-on-year to 7 billion RMB; Adjusted net income is expected to increase by 33% year-on-year to 1.96 billion RMB, mainly due to the online music business expected to grow by 24% year-on-year to 5.6 billion RMB, but partially offset by a forecasted 31% year-on-year decline in social entertainment business revenue to 1.4 billion RMB. Key focus areas for the bank include the management's disclosure of the Super VIP (SVIP) program and the net growth trend of paid users.