CMB International raised Tencent Music's target price to $17.5, with a rating of "Buy".

GoldenOctober2024

2025-05-15 02:28:37

Abstract generation in progress

Jin10 data reported on May 15, that CMB International released a report stating that Tencent Music (TME.N) achieved total revenue of 7.36 billion yuan in the first quarter, a 9% rise year-on-year, and a non-IFRS net profit of 2.12 billion yuan, a 25% rise year-on-year, which is roughly in line with market expectations. Due to the strong performance of the online music business and the trend of expanding profit margins, the bank has raised its profit forecast for 2025 to 2027 by 0% to 6%. Based on discounted cash flow, the target price for US stocks has been raised by 6% to $17.5. Despite macroeconomic uncertainties, the bank remains optimistic about Tencent Music’s ability to achieve strong profit growth in 2025, thanks to its strong competitive barriers and business model, and maintains a “buy” rating.

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