New Street Research - TENCENT MUSIC (TME) New Street: TME 4Q22 Preview - SES Could Remain a Drag

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New Street Research

Jin Yoon

New Street: TME 4Q22 Preview - SES Could Remain a Drag

What’s New: We nudge down our 4Q top line estimates as SES could be impacted due to surge in covid cases in the quarter, but up our 4Q margins due to continued cost controls. We increase our PT from USD7 to USD11 as overall business environment, especially ads could continue to show upside amid reopening. Our PT of USD11 implies a 3.8x FY23E EV/Revs.

Analysts:
Jin Yoon

19/01/2023 1 EN

Underlying

TENCENT MUSIC

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts

Jin Yoon

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

What’s new: TME’s 4Q23 results were above consensus and our expectations. Subs remain a key rev growth driver where quarterly net adds in 2024 could resemble the trend in 2023. We up our PT from USD9 to USD13 on a better FY24 outlook. Our revised PT of USD13 implies a 20.6x FY24 P/E. We maintain our BUY rating. Analysts: Jin Yoon

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TME 4Q23 Preview: Estimates Remain Intact

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New Street: TME 4Q22 Preview - SES Could Remain a Drag

Regional Morning Notes - Thursday, March 21, 2024

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

TME 4Q23 Preview: Estimates Remain Intact

Apple 2FQ25: minimal tariff impact, weak iPhone, Intelligence debacle. Neutral, $215 TP

The Cost of the Deal: What Does the Skydance/Paramount Situation Tell Us About the Trump Transaction Tax?

CCI Model Update & Starting Valuation

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