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Express News | Shares of Companies Within the Broader Communication Services Sector Are Trading Lower Possibly in Sympathy With Overall Market Weakness
Hong Kong Stock Market Update | Tencent Music-SW(01698) rose nearly 4%, Goldman Sachs believes that the net increase in paid users in the second quarter will be about 3.7 million, with strong momentum in the music business.
Tencent Music-SW (01698) rose nearly 4%. As of press time, it increased by 3.90% to HKD 58.60, with a turnover of HKD 3.147 million.
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Goldman Sachs expects tencent music-SW (01698) second-quarter subscription revenue to increase by 30% and gives a "buy" rating with a target price of HKD 62.3.
In the second quarter of Tencent Music, subscription revenue growth reached 30% until mid-July, considering the high willingness and retention rate of users paying for subscriptions, it is estimated that net growth of quarterly paid users will be approximately 3.7 million.
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