New Street: TME 4Q21 Results - Sub Adds to Slow in FY22
What's new: TME reported 4Q21 results were largely in line with consensus and our expectations. Online music subscriber quarterly net adds is expected to slow down from 4-5mn in FY21 to 3.5mn-4mn in FY22, while live streaming could continue to face pressure amid challenging macro and intensified competition. We maintain our BUY rating but lower our PT from USD10 to USD7 amid slowdown in subscription segment. Our new PT of USD7 implies 1.9x EV/Revs on our FY22 estimates.Analysts:
Jin Yoon
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