New Street Research - Tencent Music Entertainment Group Sponsored ADR Class A (TME) TME 4Q24 Results: OMS Remain Resilient in FY25

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New Street Research

Jin Yoon

TME 4Q24 Results: OMS Remain Resilient in FY25

What’s new: TME’s reported 4Q24 results that were above consensus and our expectations. Online music revs could remain resilient partly driven by subscription and ads. Margins could see further upside in FY25 partly driven by better rev mix and continued cost controls. We up our PT from USD14 to USD17 on resiliency of the online music segment. Our updated PT of USD17 implies 20.5x FY25E P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

19/03/2025 1 EN

Underlying

Tencent Music Entertainment Group Sponsored ADR Class A

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US88034P1093 New York Stock Exchange Cayman Islands

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New Street Research

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Analysts

Jin Yoon

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TME 3Q24 Results: Further Upside in Margin in FY25

What’s new: TME’s reported 3Q24 top-line results that were largely in-line with consensus and our expectations. Subscription revs could remain resilient partly driven by stable quarterly net adds and higher monthly ARPPU. Margins could see further upside in 4Q24 and into FY25 partly driven by better rev mix and continued cost controls. We maintain our PT at USD14. Analysts: Jin Yoon

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TME 4Q24 Results: OMS Remain Resilient in FY25

TME 3Q24 Results: Further Upside in Margin in FY25

PROSUS: RDOS. 2T’24 DE TENCENT (ANÁLISIS BANCO SABADELL)

Court Pushes Open Door to TV Broadcast Consolidation

What Does Texas Tell Us About Fiber v. Satellite

Deutsche Telekom (Buy, €42, +25%) Two doses of mobile rationality

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