Core Viewpoint - Nomura's report indicates that Tencent Music's Q3 performance exceeded expectations, with a year-on-year revenue growth of 21%, reaching 8.5 billion yuan, surpassing market and Nomura's forecasts [1] Revenue Performance - Non-subscription online music service revenue grew by 51% year-on-year, exceeding Nomura's forecast of 35% [1] - Overall revenue reached 8.5 billion yuan, which is higher than market predictions [1] Profitability Metrics - Gross margin improved by 0.9 percentage points to 44% year-on-year [1] - Non-IFRS operating profit margin increased by 2.8 percentage points to 31% due to operational leverage [1] - Non-IFRS net profit grew by 33% year-on-year, exceeding market expectations by 4% [1] Analyst Rating - Nomura has adjusted Tencent Music's U.S. stock target price from $30 to $26 while maintaining a "Buy" rating [1]
大行评级丨野村：下调腾讯音乐目标价至26美元 维持“买入”评级