New Street: TME 3Q21 Results - Subs on Track; FY22 GM Intact Despite Weakening Rev Mix
What's new: TME reported 3Q21 top-line results were largely in line with consensus estimates, but a touch below our expectations. Online music services revenue is expected to continue its positive momentum heading into FY22 driven by subscription, but regulatory headwinds may impact non-subs revenues in the near term. We maintain our BUY rating and PT at USD10 which implies 4.7x EV/Revs on our FY22 revenue estimates.Analysts:
Jin Yoon
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