Bank of America Securities: Tencent Music - SW (01698.HK) third-quarter performance roughly in line with expectations

According to the Wise Finance APP, Bank of America Securities released a research report stating that Tencent Music-SW (01698.HK) performed roughly in line with expectations in the third quarter, with adjusted net profit increasing by 33% to 2.41 billion RMB year-on-year, 4% higher than market expectations, due to good revenue growth and reduced tax expenses. The bank is satisfied with the profit performance, but noted that the company's press release this time did not disclose the number of SVIP subscribers, while it was 15 million in the previous quarter. The bank believes that Tencent Music is the leader in the Chinese mainland music streaming market, but its current valuation is at a reasonable level; maintaining a Hong Kong stock price target of 98.13 Hong Kong dollars and a US stock price target of 25 US dollars (TME.US).