Tencent Music Entertainment reported a fourth-quarter revenue decline of 7.2% year-over-year to $971 million (CNY6.89 billion), beating the consensus of $932 million. The Monthly active users (MAUs) for online music declined by 4.2% Y/Y to 576 million; Mobile MAUs for social entertainment decreased by 28.8% to 104 million; Online music paying users increased by 20.6% to 106.7 million; Citigroup raised the price target on TencentMusic Entertainment from $9 to $13.