Tencent Music Entertainment's Current Valuation Seems Undemanding -- Market Talk

Dow Jones04-22

0420 GMT - Tencent Music Entertainment's current valuation is undemanding, Nomura analysts say in a research note. TME's shares have fallen over 40% so far this year as management revised its 2026 subscription revenue guidance down by 6% following its 4Q results. TME's shares are currently trading at a deep discount to its Chinese internet peers, the analysts note. "Given TME's structural advantage in capturing core users with high lifetime value and its expanding monetization potential beyond subscriptions, we believe the current valuation is undemanding," they say. Meanwhile, TME's acquisition of Ximalaya, a Chinese audio platform, could get the regulatory greenlight soon and act as a significant near-term catalyst for its shares, they add. Nomura cuts TME ADR's target price to US$12.50 from US$26.00. ADR last ended at US$9.62.(sherry.qin@wsj.com)

(END) Dow Jones Newswires

April 22, 2026 00:21 ET (04:21 GMT)

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TME's shares are currently trading at a deep discount to its Chinese internet peers, the analysts note. \"Given TME's structural advantage in capturing core users with high lifetime value and its expanding monetization potential beyond subscriptions, we believe the current valuation is undemanding,\" they say. Meanwhile, TME's acquisition of Ximalaya, a Chinese audio platform, could get the regulatory greenlight soon and act as a significant near-term catalyst for its shares, they add. Nomura cuts TME ADR's target price to US$12.50 from US$26.00. 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TME's shares are currently trading at a deep discount to its Chinese internet peers, the analysts note. \"Given TME's structural advantage in capturing core users with high lifetime value and its expanding monetization potential beyond subscriptions, we believe the current valuation is undemanding,\" they say. Meanwhile, TME's acquisition of Ximalaya, a Chinese audio platform, could get the regulatory greenlight soon and act as a significant near-term catalyst for its shares, they add. Nomura cuts TME ADR's target price to US$12.50 from US$26.00. 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