New Street: TME 2Q21 Results - Results Inline; SES to Face Further Pressure in 2H
What's new: TME reported 2Q21 results were largely inline with our estimates. Online music services revenue is expected to continue its positive momentum into 2H driven by subscriptions, while social entertainment services could face further pressure in 2H due to competition from short video platforms. We lower our PT from USD25 to USD15 on continued softness in SES coupled with investments in new product and content offering which could weight down margins in the near-term. Our PT of USD15 implies 5.4x EV/Revs on our FY22 revenue estimates.Analysts:
Jin Yoon
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