CICC: Maintains Tencent Music-SW (01698) "outperform" rating with a target price of HK$65.2.

Zhitan Financial APP learned that CICC released a research report stating that considering the improvement of Tencent Music's monthly ARPPU slightly better than expected, it raised its 25/26 year revenue by 0.5%/0.1% to 31.15/32.96 billion yuan; combined with operating leverage, it raised its Non-IFRS net profit by 2.0%/1.4% to 8.85/9.93 billion yuan. The current Hong Kong stock corresponds to a 17.7/15.6 times 25/26 year Non-IFRS P/E. It maintains an "outperform industry" rating. The bank maintains a Hong Kong stock target price of 65.2 Hong Kong dollars, corresponding to a 21 times 25/26 year Non-IFRS P/E, with a 19.3% upside potential.