TME 2Q24 Results: Focus Shift Towards ARPU
What’s new: TME’s reported 2Q24 top-line results that were largely in-line with consensus and our expectations. TME is taking a proactive approach to focus on ARPU to drive subscription revs going forward. While mid-term paying subscriber target remains intact, the pace of net adds could be slower than our initial expectations. We lower our PT from USD17 to USD14 on lowered outlook. Our revised PT of USD14 implies a 18.2x FY25 P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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