CICC maintains Tencent Music's "outperform" rating with a target price of HK$100.

According to the Wise Finance APP, CICC released a research report stating that considering the new business growth of Tencent Music-SW (01698.HK) in the next 25 years and the potential investment in the 26th year, it is estimated that the Non-IFRS net profit in 2025/2026 will be 9.63/10.75 billion yuan. The current US stocks correspond to 24/21 times the 25/26 year P/E, and Hong Kong stocks correspond to 25/22 times P/E. The outperforming industry rating is maintained. Considering the trend of gross profit margin in 2026, the target price for US/Hong Kong stocks is $26.0/100 Hong Kong dollars, both corresponding to 26 times the 26 year P/E, with an upward space of 25.3%/18.1% compared to the current stock price.