Tencent Music May Still Deliver Resilient Margins in 2026 -- Market Talk

Dow Jones11-13

0318 GMT - Tencent Music Entertainment should still have the chance to deliver resilient margins in 2026, supported by continued operating leverage, despite management's lower-than-expected margin guidance, Nomura analysts Rachel Guo and Jialong Shi say in a note. Management guides for 4Q revenue to rise 13% on year, in line with consensus. Management also projected 2026 revenue to rise 13%, though margins may ease slightly as the revenue mix shifts toward low-margin non-subscription services. The analysts say the softer-than-expected margin outlook reflects the company's prudence in managing market expectations, which has helped its results consistently beat forecasts in recent quarters. Nomura maintains a buy rating and $30 target price on the stock. The ADRs last closed at $19.01. (jason.chau@wsj.com)

(END) Dow Jones Newswires

November 12, 2025 22:18 ET (03:18 GMT)

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