Institution: Tencent Music may face resistance in the short term.

Ivan Su of Morningstar stated in a research report that Tencent Music may face resistance in the short term. Su said that in the competition with Soda Music, owned by ByteDance, the company's performance outlook suggests that growth will slow down. The analyst stated that although he believes most paying users may continue to use Tencent Music, the management decision to stop disclosing user metrics quarterly "has heightened concerns that the worst is yet to come." Su added that in the short term, market sentiment towards Tencent Music may remain subdued. Morningstar's fair value estimate is 109.00 Hong Kong dollars.