[Brokerage Focus] Bocom Intl. lowered Tencent Music's (01698) target price by 13.8% due to slower new membership growth, but the long-term growth potential remains unchanged.

Jingu Finance | Bocom International released a research report stating that Tencent Music's Q2 revenue basically met expectations, with a year-on-year decrease of 2%, still affected by social entertainment business. The adjusted net income attributable to mother was RMB 1.87 billion, higher than the market expectation, with an adjusted net margin of 26%, which increased both year-on-year and month-on-month. Benefit from the optimization of gross margin and management expenses. The bank pointed out that the management will strengthen the operation of SVIP to promote the growth of ARPPU, and the net increase in members will return to steady growth. The bank expects Q3 music subscription revenue to increase by 21%, with a net increase of 1.7 million members (14 million for the whole year), and a year-on-year increase of 5% in monthly ARPPU; Non-

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