Asia Pacific Equity Research 14 August 2025 Tencent Music Entertainment Still riding the wave of positive momentum; maintain OW; PT raised to $30/HK$120 TME is one of the best performing stocks in our coverage universe with a 124% stock return YTD vs. KWEB +24%, on the back of a 117% 2025E PE multiple appreciation based on BBG consensus estimates. We attribute the strong stock performance to: 1) investor sentiment change from not believing to believing in TME's ARPU driven strategy (JPMe 87% stock returns b ...