Orient Securities: Maintains "Buy" rating on Tencent Music (01698.HK), full IP monetization chain deepening.

According to the Zhitong Finance and Economics APP, Oriental Securities has released a research report stating that it is expected that the net profit attributable to Tencent Music (01698.HK) for the years 2026-2028 will be 9.2 billion, 10.2 billion, and 11.3 billion yuan respectively. The company has valued comparable companies in 2027 at 14 times P/E, with a target price of 52.39 Hong Kong dollars (45.79 RMB), and maintains a "buy" rating. With the formal delivery of Himalaya, the synergies of content, traffic, and membership matrix are expected to have a positive impact. In addition, the video number for QQ Music source mounting started in April of this year, and the company believes that it is expected to gradually increase in volume.