Lyon: Lower competition risk for mainland music platforms Netease Cloud Music (09899) target price is HKD 310.5

Intelligent Finance and Economics APP learned that Lyon released a research report stating that the risk of direct positive competition with ByteDance's Soda Music is low due to the different strategic positioning and product differentiation of each platform. They reiterated their "outperform the market" rating for NetEase Cloud Music (09899) and Tencent Music-SW (01698). NetEase Cloud Music is currently trading at a 17x adjusted forecasted P/E ratio for 2026, with a subscription model that is resistant to economic cycles and robust long-term profit potential from multiple cost levers. The target price is 310.5 Hong Kong dollars.