New Street Research - TENCENT MUSIC (TME) TME 1Q23 Results: Strength in Subs

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New Street Research

Jin Yoon

TME 1Q23 Results: Strength in Subs

What's new: TME’s 1Q23 results were above consensus and our expectations. Online music services could remain resilient driven by increase in paying users and improvement in monthly ARPPU, while social entertainment could continue to be challenging amid competition and adverse impact from reopening. We maintain our PT at USD11.

Analysts:
Jin Yoon

18/05/2023 1 EN

Underlying

TENCENT MUSIC

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New Street Research

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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

March 20, 2024 March 20, 2024 1 EN

New Street Research

TME 4Q23 Preview: Estimates Remain Intact

What’s New: We maintain our 4Q estimates as subscription could remain resilient, while margins could continue to expand amid better cost control. In this note, we provide key updates for the quarter. Analysts: Jin Yoon

January 22, 2024 January 22, 2024 1 EN

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Jonathan Chaplin

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This note covers changes to the model and establishes a starting valuation for the Company of $125 (+18%; total return of +22%). We are above the mid-point of guidance for 2025 and for AFFO post close. We expect Consensus estimates for both to increase (post close estimates should increase a lot). See our prior note on results and the rationale for our upgrade to Buy.

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TME 1Q23 Results: Strength in Subs

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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