Tencent Music's Postresults Stock Weakness Presents an Opportunity -- Market Talk

Dow Jones

2024-11-13

0522 GMT - Tencent Music Entertainment's share-price weakness following its results presents an enhanced buying opportunity, Citi analysts led by Alicia Yap say in a research note. While the third-quarter results were relatively in line with overall expectations, the net addition of 2 million paying users on quarter is slightly better than expected, the analysts say. Citi raises its 2024-2026 revenue and adjusted profit forecasts for the Chinese music-streaming provider by 0.3% and 1.8%, respectively. It keeps a buy rating but trims the target price on ADRs to US$14.50 from US$15.00. Tencent Music's ADRs closed 5.45% lower at US$10.92; its Hong Kong-listed shares are down 8.7% at HK$41.30. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

November 13, 2024 00:22 ET (05:22 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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While the third-quarter results were relatively in line with overall expectations, the net addition of 2 million paying users on quarter is slightly better than expected, the analysts say. Citi raises its 2024-2026 revenue and adjusted profit forecasts for the Chinese music-streaming provider by 0.3% and 1.8%, respectively. It keeps a buy rating but trims the target price on ADRs to US$14.50 from US$15.00. Tencent Music's ADRs closed 5.45% lower at US$10.92; its Hong Kong-listed shares are down 8.7% at HK$41.30. 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While the third-quarter results were relatively in line with overall expectations, the net addition of 2 million paying users on quarter is slightly better than expected, the analysts say. Citi raises its 2024-2026 revenue and adjusted profit forecasts for the Chinese music-streaming provider by 0.3% and 1.8%, respectively. It keeps a buy rating but trims the target price on ADRs to US$14.50 from US$15.00. Tencent Music's ADRs closed 5.45% lower at US$10.92; its Hong Kong-listed shares are down 8.7% at HK$41.30. (tracy.qu@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 13, 2024 00:22 ET (05:22 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}