Core Viewpoint - Tencent Music's stock price has underperformed the market year-to-date due to concerns over increased competition, adjustments in expectations regarding the resumption of K-pop concerts in mainland China, and potential impacts from heightened antitrust activities on its acquisition of Ximalaya [1] Group 1 - The stock price has retraced 38% from its peak on September 17 of the previous year, indicating a significant decline [1] - The company is believed to have a sustainable subscription model and competitive products built around fan and artist connections, suggesting that the market may have overreacted [1] - The report maintains an "outperform" rating with target prices of $23.7 for US shares and HK$92.1 for Hong Kong shares, indicating a favorable risk-reward level at current prices [1]
大行评级｜里昂：腾讯音乐回调后提供入市机会，重申“跑赢大市”评级