---
title: "Daiwa downgraded Tencent Music's target price to 91 yuan, reiterating \"Outperform the Market.\""
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/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)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/265835082.md) | [English](https://longbridge.com/en/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

### 相關股票

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

## 相關資訊與研究

- [Orient Securities Keeps Their Buy Rating on Tencent Music Entertainment Group Class A (1698)](https://longbridge.com/zh-HK/news/280960163.md)
- [10:17 ETSales of Jay Chou's "Children of the Sun" have exceeded 100 million RMB, as Tencent Music Entertainment Group Drives Global Rollout](https://longbridge.com/zh-HK/news/280880602.md)
- [AT&T Launches OneConnect, the First-Ever Single Subscription for Unlimited Connectivity | T Stock News](https://longbridge.com/zh-HK/news/281171783.md)
- [Universal Music Group (ENXTAM:UMG) Valuation Check As €500 Million Share Buyback Signals Long Term Confidence](https://longbridge.com/zh-HK/news/281255171.md)
- [Subscriptions are more than just bills for Visa and Mastercard](https://longbridge.com/zh-HK/news/281375305.md)