Tencent Music Entertainment Group (NYSE:TME) reported better-than-expected fourth-quarter income on Tuesday.

Tencent Music Entertainment reported a fourth-quarter income decline of seven.2% year-over-year to $971 million (CNY6.89 billion), beating the consensus of $932 million. China’s main on-line music and audio leisure platform’s adjusted EPADS of $0.14 (CNY1.00) was according to the consensus, based on information from Benzinga Pro.

The Monthly energetic customers (MAUs) for on-line music declined by 4.2% Y/Y to 576 million. Mobile MAUs for social leisure decreased by 28.8% Y/Y to 104 million. Monthly ARPPU for on-line music grew by 20.2% Y/Y to CNY10.7,

Monthly ARPPU for social leisure declined by 54.0% Y/Y to CNY78.0, and Online music paying customers elevated by 20.6% Y/Y to 106.7 million.

Tencent Music shares gained 6.4% to shut at $11.04 on Tuesday.

These analysts made adjustments to their value targets on Tencent Music following earnings announcement.

• Citigroup raised the worth goal on Tencent Music Entertainment from $9 to $13. Citigroup analyst Alicia Yap upgraded the inventory from Neutral to Buy.
• B of A Securities boosted the worth goal on Tencent Music Entertainment from $10.5 to $12.3. B of A Securities analyst Lei Zhang maintained a Buy score.
• Mizuho elevated the worth goal on Tencent Music Entertainment from $12 to $13. Mizuho analyst Wei Fang maintained a Buy score.
• HSBC boosted the worth goal on Tencent Music Entertainment from $9.5 to $10.4. HSBC analyst Charlene Liu maintained a Hold score.
• Benchmark elevated the worth goal on Tencent Music Entertainment from $9 to $14. Benchmark analyst Fawne Jiang maintained a Buy score.

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