---
title: "According to \"The Big Firms,\" China Merchants Securities has lowered the target price for Tencent Music to $25.6, and the decline in stock price provides a good entry opportunity"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/265878734.md"
description: "China Merchants Securities has lowered the target price for Tencent Music to $25.6, believing that the decline in stock price provides a good entry opportunity. Tencent Music's third-quarter performance exceeded expectations, with revenue growing 21% year-on-year, non-subscription business growing 51%, and subscription business growing 17%. Non-GAAP net profit exceeded expectations by 4%. The rating is \"Buy,\" with the target price reduced from $29.2 to $25.6"
datetime: "2025-11-14T09:05:39.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265878734.md)
  - [en](https://longbridge.com/en/news/265878734.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265878734.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/265878734.md) | [繁體中文](https://longbridge.com/zh-HK/news/265878734.md)


# According to "The Big Firms," China Merchants Securities has lowered the target price for Tencent Music to $25.6, and the decline in stock price provides a good entry opportunity

The report from China Merchants Securities indicates that Tencent Music-SW (01698.HK) exceeded expectations in the third quarter, with revenue increasing by 21% year-on-year. The momentum came from strong growth in non-subscription business, which rose by 51% year-on-year, while subscription business also showed steady growth, increasing by 17% year-on-year. Non-GAAP net profit exceeded expectations by 4%. The stock price drop last night (13th) provided a good entry opportunity. Rating: "Buy."

The firm remains optimistic about Tencent Music's solid moat established through its rich content and services; the risk-reward profile is attractive; the target price for the US stock (TME.US) has been revised down from $29.2 to $25.6

### 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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