---
title: "Daiwa downgraded Tencent Music's target price to 91 yuan, reiterating \"Outperform the Market.\""
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265835082.md"
description: "Daiwa's research report pointed out that Tencent Music's performance in the third quarter was solid, with revenue and earnings per share exceeding market expectations. Despite strong growth in non-subscription music revenue, its ADR price fell due to market concerns about competition and a 2026 gross margin guidance that was lower than expected. Daiwa reiterated its \"Outperform\" rating but lowered its earnings per share forecast for 2025 to 2027 by 9% to 14% due to a decrease in subscription revenue, and reduced the target price from 106 yuan to 91 yuan"
datetime: "2025-11-14T02:28:44.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265835082.md)
  - [en](https://longbridge.com/en/news/265835082.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265835082.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/265835082.md) | [繁體中文](https://longbridge.com/zh-HK/news/265835082.md)


# Daiwa downgraded Tencent Music's target price to 91 yuan, reiterating "Outperform the Market."

Daiwa's research report indicates that Tencent Music (01698.HK) had a solid performance in the third quarter, with revenue and earnings per share exceeding market expectations by 3%. The revenue surprise mainly came from a strong 51% year-on-year growth in non-subscription music revenue. However, its ADR price fell, reflecting market concerns about the competitive landscape and a gross margin guidance for 2026 that was below expectations.

The firm reiterated its "Outperform" rating but lowered its earnings per share forecast for 2025 to 2027 by 9% to 14% due to a decrease in subscription revenue, and reduced the target price from HKD 106 to HKD 91

### 相关股票

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

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