Major Bank Ratings | Daiwa: Upgrades Tencent Music Rating to "Buy", Lowers Target Price to HK$82

Glonghui, January 8 ｜Daiwa released a research report stating that although concerns about competition for Tencent Music's light music users still exist in the short term, it remains optimistic about the company's monetization capabilities for medium to heavy users, as well as new revenue streams from events and peripheral products. The bank believes Tencent Music's current valuation is equivalent to 18 times the forecast P/E ratio for 2026, which is attractive. The rating has been upgraded from "Outperform" to "Buy", but the target price has been lowered from HK$91 to HK$82 to reflect the downward trend in peer valuations.