Tencent Music Entertainment Group's fair value estimate has been trimmed to US$12.58 from US$13.17 in the latest valuation update, alongside a more cautious analyst stance on the stock. China Renaissance moved Tencent Music to a Hold rating from Buy and set a US$9.30 price target, citing increased caution on execution and growth. Mizuho kept an Outperform rating but cut its price target to US$15 from US$18, saying the broader business remains intact despite near-term pressure on the core music and non-subscriber segments. The updated model shows revenue growth expectations easing to 7.40% from 7.42% for projected CN¥ sales, a net profit margin of 26.30% versus 26.31%, a future P/E of 20.71x from 21.65x, and a discount rate of 10.28% from 10.32%.
China Renaissance Holdings
Mizuho Financial Group, Inc.
Alibaba Pictures Group Ltd
Tencent Music Entertainment Group
