---
title: "Bank of America Securities: Tencent Music-SW's third-quarter performance roughly meets expectations"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/265651308.md"
description: "Bank of America Securities released a research report stating that Tencent Music-SW's third-quarter performance roughly met expectations, with adjusted net profit increasing by 33% year-on-year to RMB 2.41 billion, 4% higher than market expectations, due to good revenue growth and reduced tax expenses; the firm is satisfied with the earnings performance but noted that the company did not disclose the number of SVIP users this time, which was 15 million last quarter. The firm believes Tencent Music is the leader in China's music streaming market, but the current valuation is at a reasonable level; it maintains a target price of HKD 98.13 for Hong Kong stocks and USD 25 for U.S. stocks"
datetime: "2025-11-13T06:38:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265651308.md)
  - [en](https://longbridge.com/en/news/265651308.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265651308.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/265651308.md) | [繁體中文](https://longbridge.com/zh-HK/news/265651308.md)


# Bank of America Securities: Tencent Music-SW's third-quarter performance roughly meets expectations

According to the Zhitong Finance APP, Bank of America Securities released a research report stating that Tencent Music-SW (01698) third-quarter performance roughly met expectations, with adjusted net profit increasing by 33% year-on-year to RMB 2.41 billion, which is 4% higher than market expectations due to good revenue growth and reduced tax expenses; the bank is satisfied with the earnings performance but noted that the company's press release did not disclose the number of SVIP users, which was 15 million last quarter. The bank believes that Tencent Music is the leader in the mainland China's music streaming market, but the current valuation is at a reasonable level; maintaining a target price of HKD 98.13 for Hong Kong stocks and a target price of USD 25 for US stocks (TME.US)

### Related Stocks

- [Tencent Music Entertainment Group (TME.US)](https://longbridge.com/en/quote/TME.US.md)
- [TME-SW (01698.HK)](https://longbridge.com/en/quote/01698.HK.md)

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