TME 3Q25 Results: Near Term Margin Impact Due to Rev Mix Shift Towards Non-Subs
What’s new: TME’s reported 3Q25 revs that were above consensus and our expectations. While OMS could remain resilient partly driven by both subs and non-subscription segments, margins could be impacted in the near-term due to unfavorable rev mix shift towards concerts and artist merchandise. We lower our PT from USD28 to USD22 on lowered margin outlook. Our updated PT of USD22 implies 23.2x FY26E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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