Morgan Stanley published a report on August 14th, lowering Tencent Music's (TME.US) earnings per share forecast for 2024 to 2026, with a target price lowered from $19 to $15. Assuming a net increase of 2 million users per quarter from the second half of the year, instead of a net increase of over 3 million users, partially offset by an increase in average revenue per paid user and improved profit margins. The bank maintained its buy rating, expecting a compound annual growth rate of 20% in earnings per share from 2024 to 2026, and macro environment and competitive risks lower than most other vertical industries. According to Morgan Stanley, Tencent Music's stock price adjusted after the performance announcement, mainly because the target guidance of adding 2 million net music users per quarter from the second half of the year slowed down; but the medium-term target of 150 million users and an average monthly revenue per paid user of RMB 15 remained unchanged until 2028.
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Morgan Stanley redujo el precio objetivo de Tencent Music a $15 y bajó las previsiones de ganancias por acción.
Morgan Stanley published a report on August 14th, lowering Tencent Music's (TME.US) earnings per share forecast for 2024 to 2026, with a target price lowered from $19 to $15. Assuming a net increase of 2 million users per quarter from the second half of the year, instead of a net increase of over 3 million users, partially offset by an increase in average revenue per paid user and improved profit margins. The bank maintained its buy rating, expecting a compound annual growth rate of 20% in earnings per share from 2024 to 2026, and macro environment and competitive risks lower than most other vertical industries. According to Morgan Stanley, Tencent Music's stock price adjusted after the performance announcement, mainly because the target guidance of adding 2 million net music users per quarter from the second half of the year slowed down; but the medium-term target of 150 million users and an average monthly revenue per paid user of RMB 15 remained unchanged until 2028.