1911.HK
Tencent Music Fair Value Cut to US$13.17 as Analysts Trim Growth Views
Tencent Music Entertainment Group's fair value estimate was lowered to US$13.17 per share from US$14.97 as analysts revised their growth assumptions for the company. Mizuho kept an Outperform rating on the stock but cut its price target to US$15 from US$18, while China Renaissance downgraded the shares to Hold from Buy with a US$9.30 price target. The revised model now projects revenue growth of 7.42%, down from 9.32%, and a net profit margin of 26.31%, down from 27.53%. The future price-to-earnings multiple rose to 21.65x from 17.48x on projected earnings, and the discount rate used in the model increased to 10.32% from 9.77%. Mizuho cited more challenging trends in the core music subscription and non-subscriber music segments in the latest quarter as near-term headwinds.
1698.HK · Capital · Negative Analysts cut Tencent Music's fair value and price targets, with China Renaissance downgrading to Hold, on lowered revenue growth and margin assumptions.
1911.HK · Capital · Neutral China Renaissance is cited only as the broker issuing the downgrade of Tencent Music, not as a subject of the news.
8411.JP · Capital · Neutral Mizuho is mentioned only as the analyst firm trimming its Tencent Music price target, not as a subject of the news.