Core Viewpoint - Daiwa's research report indicates that Tencent Music's Q3 performance was robust, with revenue and earnings per share exceeding market expectations by 3% [1] Group 1: Financial Performance - Revenue surprise primarily driven by strong growth in non-subscription music revenue, which increased by 51% year-on-year [1] - The company's ADR decline reflects market concerns regarding competitive landscape and lower-than-expected gross margin guidance for 2026 [1] Group 2: Analyst Ratings and Forecasts - Daiwa maintains an "Outperform" rating on Tencent Music, with the target price reduced from HKD 106 to HKD 91 [1] - Earnings per share forecasts for 2025 to 2027 have been lowered by 9% to 14% due to a decrease in subscription revenue [1]
大行评级丨大和：下调腾讯音乐目标价至91港元 因订阅收入减少下调盈测