大行评级｜大和：上调腾讯音乐评级至“买入” 目标价则降至82港元

Core Viewpoint - Daiwa's research report indicates that while there are short-term concerns regarding competition for Tencent Music's light music users, the company is still viewed positively for its monetization capabilities among moderate to heavy users, as well as new revenue sources from events and merchandise [1] Group 1 - Daiwa believes Tencent Music's current valuation corresponds to a forecasted price-to-earnings ratio of 18 times for 2026, which is considered attractive [1] - The rating for Tencent Music has been upgraded from "Outperform" to "Buy" [1] - The target price has been adjusted down from HKD 91 to HKD 82 to reflect the trend of valuation adjustments among peers [1]