[Citi: Tencent Music's third-quarter results are expected to be in line with expectations and the "buy" rating is maintained] According to Jinshi Data on October 16, Citi issued a report stating that it expects Tencent Music (TME.N) to disclose its third-quarter results in the week of November 11, and the results may be consistent with market expectations. The bank expects Tencent Music's total revenue in the third quarter to increase by 7% year-on-year to RMB 7 billion, in line with market expectations; adjusted net profit is expected to be RMB 1.89 billion, with a profit margin of 27%, slightly lower than the market expectation of RMB 1.91 billion. Looking ahead to the fourth quarter, the bank expects Tencent Music's revenue to increase by 5% year-on-year to RMB 7.23 billion, and online music revenue is expected to increase by 16%, but it will be offset by a 25% drop in social entertainment revenue. The bank maintains its revenue and profit forecasts for Tencent Music unchanged, and maintains a "buy" rating for Tencent Music with a target price of US$15. (Reprinted from: Jinshi Data)