M N 4 Mar 2024 CMB International Global Markets | Equity Research | Company Update Cloud Music (9899 HK) Solid core music business and margin expansion outlook Target Price HK$106.50 Cloud Music announced FY23 financial results: total revenue dropped by 13% (Previous TP HK$99.50) YoY to RMB7.87bn in FY23, in line with our/consensus estimate. 2H23 total Up/Downside 17.7% revenue was down by 16% YoY to RMB3.96bn, mainly due to the adjustment of Current Price HK$90.45 social entertainment business (-42% YoY). ...