royalwinslot| Big Bank Rating| CCB International: Raise Tencent Music target price to HK$66.3 to maintain its "outperform" rating

CCB International published a research report stating thatroyalwinslotTencent Music's revenue in the first quarter of this year fell 3% year-on-year, better than market expectations, mainly due to the significant year-on-year growth of 43% in online music service revenue during the period, with the number of paying users increasing by 20% to 1.royalwinslot.13 billion people, driving the music subscription business to grow by 39%. It is expected that strong business performance and improved gross profit margins will continue into the second quarter, driving continued profit growth.

The bank also pointed out that the company announced its first annual dividend and described it as pleasantly surprised. It raised its 2024 - 2026 profit forecast by 5% to 6%, and raised its target price from HK$47.6 to HK$66.3, corresponding to a forecast P/E ratio for 2025. 22 times, maintaining the "Outperform" rating.