Tencent Music -SW’s share price reached a new high, and its profit increased by 33.8% in 2023.

　　Tencent Music -SW(01698) shares rose sharply, and its profitability continued to improve [Tencent Music -SW(01698) shares rose to a new high]. Tencent Music -SW(01698) shares rose more than 5%, hitting a maximum of HK$ 47.2, and continued to refresh its listing record. At the close, the share price was HK$ 46.95, with a turnover of HK$ 6.6897 million. [Financial report shows profit growth] Tencent Music’s 2023 annual performance announcement recently showed that the company’s total revenue reached 27.75 billion yuan; The profit attributable to equity holders was 4.92 billion yuan, a year-on-year increase of 33.8%. Online music service revenue achieved a strong growth of 38.8% year-on-year, reaching 17.33 billion yuan. [Investment institutions are optimistic about its prospects] Bank of America Securities believes that Tencent Music’s performance in the last quarter was stable and exceeded market expectations. It is expected that the growth momentum of its core music business will remain strong. Goldman Sachs also said that Tencent Music has performed well in the past six months and is expected to continue to perform well in 2024. The main reasons include: the high incremental profits of music subscription and advertising drive operating leverage, the recovery of ARPPU after the New Year promotion, and the structural improvement of music payment tendency.