Yamato: Upgrading Tencent Music - SW (01698) to “Buy” rating optimistic about new revenue streams

The Zhitong Finance App learned that Yamato released a research report saying that the current valuation of Tencent Music-SW (01698) is equivalent to 18 times the projected price-earnings ratio in 2026, which is attractive, and raised the company's rating from “outperforming the market” to “buying.” The bank remains optimistic about the company's ability to monetize moderate to heavy users, as well as new revenue streams from events and peripheral products.