Tencent Music Entertainment's Outlook Appears Softer

Dow Jones08-12 10:15

Tencent Music Entertainment's 3Q and full-year outlook appears softer amid ongoing pressure in core membership revenue and decelerating advertising revenue growth, say Citi analysts in a note. This is despite the company's 2Q results coming in slightly ahead of expectations, aided by the acquisition of online audio platform Ximalaya, they say. However, the Ximalaya integration process is likely to drag down net profit growth and weigh on margins, they say.

Citi cuts its 2026-2028 revenue estimates by 2.0%-3.4% and adjusted net profit forecasts by 4.8%-8.8%. The bank trims its ADR target price to US$11.40 from US$13.00 but retains a buy rating.

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