TME 2Q23 Results: SES to Drag Near Term Outlook
What's new: TME’s 2Q23 results were above consensus and our expectations partly due to drag in SES. Due to impact from risk control measures related to SES, SES could be a major drag in 2H outlook, while OMS could remain resilient. We lower our PT from USD11 to USD8 due to downward revision in top-line expectations. Our revised PT of USD8 implies a 2.9x FY24 EV/Revs. We maintain our BUY rating.Analysts:
Jin Yoon
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
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- Global Emerging Market Telecoms
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