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<Research>CLSA Slashes TME-SW (01698.HK) TP to $63.6, Cuts Earnings Forecast on Competition/ AI Challenges
Recommend 6 Positive 6 Negative 9 |
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TME-SW (01698.HK) delivered strong 4Q25 results, but its performance weakened going into 2026 due to challenges from competition and AI-generated content that the Company has started to face over the past three months, according to CLSA's research report. The broker lowered its 2026 adjusted net profit forecast by 5% to reflect the slowdown in subscription revenue growth and higher sales and marketing expenses for promoting original content and developing high-quality IPs to capture long-term value. Considering the lowered earnings forecasts and reduced earnings visibility, CLSA slashed its target prices for TME-SW's US stock/ H-shares from US$23.7/ $92.1 to US$16.3/ $63.6, with ratings kept at Outperform. AASTOCKS Financial News |
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