CLSA initiated coverage of Tencent Music with an Outperform rating and $10.50 price target. The company is enjoying the secular growth of online music services, boosted by subscriber expansion, rising average revenue per user and margin improvement, on the back of a favorable competitive landscape, the analyst tells investors in a research note. The firm says that while Tencent Music’s social entertainment revenue is still under pressure, it expects online music to see resilient profit growth through various economic conditions.
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