freeonlineroulettenodownload| Big Bank Rating| Goldman Sachs: Raise Tencent Music target price to HK$62.3, first-quarter results beat expectations

Goldman Sachs issued a report stating thatfreeonlineroulettenodownloadTencent Music's first-quarter results beat expectationsfreeonlineroulettenodownload, revenue is 2% and 3% higher than the bank and market expectations, operating profit is 25% higher than the bank's expectations, and net profit is also 12% and 11% higher than the bank and market expectations respectively. The bank believes that Tencent Music may reduce its revenue share with record companies through closer cooperation with record companies; improve its shareholder return plan (annualized return rate of approximately 2%); and have higher profit margins in its social entertainment business (monetization of WeSing). In addition, the bank pointed out that the operating leverage of Tencent Music's music business will further increase profitability. In addition, as the company's monetization strategy is structurally improved and users 'willingness to pay increases, it believes that the company's music business revenue will further increase.

The bank expects Tencent Music to have a compound annual growth rate of 26% in earnings from 2024 to 2025, maintains its "Buy" rating, and raises its H-share target price to 62freeonlineroulettenodownload.3 Hong Kong dollars.