New Street Research - Tencent Music Entertainment Group Sponsored ADR Class A (TME) TME 1Q24 Results: Improving Margin Outlook

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New Street Research

Jin Yoon

TME 1Q24 Results: Improving Margin Outlook

What’s new: TME’s 1Q24 results were above consensus and our expectations. Margins could see further upside in FY24 partly driven by better rev mix and continued cost controls. We up our PT from USD13 to USD17 on an improving margin outlook. Our revised PT of USD17 implies a 21.3x FY25 P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

14/05/2024 1 EN

Underlying

Tencent Music Entertainment Group Sponsored ADR Class A

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US88034P1093 New York Stock Exchange Cayman Islands

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New Street Research

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Analysts

Jin Yoon

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TME 1Q24 Results: Improving Margin Outlook

TME 3Q24 Results: Further Upside in Margin in FY25

PROSUS: RDOS. 2T’24 DE TENCENT (ANÁLISIS BANCO SABADELL)

TME 2Q24 Results: Focus Shift Towards ARPU

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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