New Street Research - TENCENT MUSIC (TME) New Street: TME 2Q21 Preview

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New Street Research

Jin Yoon

New Street: TME 2Q21 Preview

What’s New: We updated our 2Q21 and FY21 total revenue and 2H margin estimates. In this note, we discuss about the latest updates on the business including financial outlook, investments in areas such as long-form audio, and other new initiatives.

Analysts:
Jin Yoon

14/07/2021 6 EN

Underlying

TENCENT MUSIC

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Analysts

Jin Yoon

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TME 4Q23 Results: Subs Remain a Key Growth Driver in 2024

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TME 4Q23 Preview: Estimates Remain Intact

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EIR Q1 24: Very good EBITDAaL growth

Eir has reported a good set of Q1 numbers, with underlying SR growth a touch slower, but still good at +2.2% y/y, and EBITDAaL growth of +7.0% y/y from -0.6% y/y in Q4 23 and vs guidance for LSD EBITDAaL growth for the full year. We recently made eir one of our most preferred names in European Telco high Yield – read about that HERE – and these results support our view that although the eir spreads are quite tight, they could be tighter still given the outlook (asset cover) and leverage (and possible rating upgrade to come?).

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New Street: TME 2Q21 Preview

Regional Morning Notes - Thursday, March 21, 2024

TME 4Q23 Results: Subs Remain a Key Growth Driver in 2024

TME 4Q23 Preview: Estimates Remain Intact

EIR Q1 24: Very good EBITDAaL growth

SingTel (Buy, TP: S$ 4.4, +83%) Q4 FY24 Quick Take: Strong underlying profit and bullish guidance, offset by frustrating shareholder remuneration policy

TELE COLUMBUS: CMD feedback - Credit still looks attractive with optionality

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