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CICC: TME-SW (01698.HK) Acquisition of Ximalaya Approved; Potential Competitive Landscape Shift Becomes Core Focus
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CICC issued a research report stating that TME-SW (01698.HK)'s acquisition of Ximalaya has been approved, suggesting that under its low valuation, investors should pay attention to potential changes in the competitive landscape. Considering that Ximalaya may be consolidated in 2H26 and that expense investment could increase, the broker lowered its 2026 Non-IFRS net profit forecast for TME-SW to RMB10.2 billion, down 1.6%, while raising its 2027 Non-IFRS net profit forecast by 2.8% to RMB11.5 billion. CICC noted that TME-SW's 1Q results were broadly in line with expectations, with revenue and Non-IFRS net profit reaching RMB7.895 billion and RMB2.273 billion respectively, both up 7% YoY. Due to concerns over the competitive landscape, CICC cut its TP for TME-SW by 17.8% to HKD55.5; the US stock TP for Tencent Music Entertainment Group (TME.US) was lowered to USD14.3. The Outperform rating on TME-SW was maintained. (ad/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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