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<Research>CICC Chops TME-SW (01698.HK) TP by 33% to $67.5 on Slowdown in Subscription Biz
Recommend 1 Positive 1 Negative 3 |
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TME-SW (01698.HK)'s 4Q25 revenue was RMB8.641 billion, up 15.9% YoY, while non-IFRS net profit attributable to the parent company amounted to RMB2.485 billion, up 9% YoY, slightly below CICC's expectation of RMB2.528 billion, but generally in line with market consensus, mainly due to lower-than-expected interest income, according to CICC's research report. Due to the slowdown in the subscription business, the broker lowered its 2026 non-IFRS net profit forecast by 3.5% to RMB10.37 billion, and introduced its 2027 forecast of RMB11.15 billion. Therefore, CICC kept rating at Outperform, and chopped its target prices for TME-SW's H-shares/ US stock by 33% to $67.5/ US$17.4, respectively. AASTOCKS Financial News Website: www.aastocks.com |
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