New Street Research - TENCENT MUSIC (TME) New Street: TME 3Q21 Preview

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New Street Research

Jin Yoon

New Street: TME 3Q21 Preview

What’s New: We had our catch-up call with IR today and updated our 2H21 estimates. In this note, we discuss about the latest updates on the business including financial outlook and impact from recent regulations around splash ads and fans economy. We lower our price target from $15 to $10 due to near-term impact on the non-core businesses within online music services segment amid heightened regulatory environment. Our new PT of $10 implies 4.6x on our FY22 revenue estimates. We maintain our BUY rating on the stock.

Analysts:
Jin Yoon

29/09/2021 6 EN

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TENCENT MUSIC

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Analysts

Jin Yoon

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New Street: TME 3Q21 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

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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