T.H. Capital - TME: Neutral On Short-Term Performance As Social Entertainment Business Is Weak, But Positive On Long-Term Due To AI Initiatives

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T.H. Capital

Tian Hou

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TME: Neutral On Short-Term Performance As Social Entertainment Business Is Weak, But Positive On Long-Term Due To AI Initiatives

TME will report 3Q23 results on November 14th before the markets open with a 6am ET conference call. Based on our data and model, we believe TME is likely to deliver 3Q23 results slightly better than consensus as the social entertainment business was weak and may continue to be weak for a while. However, we are positive on its long-term development driven by its AI initiatives. On October 26th, Tencent Music released an AI singing avatar and worked with the music studio of the artist Wang Leehom to compose a song created by artificial intelligence technology and sung by his avatar. TME used AI technologies to teach the avatar to sing and perform like Wang Leehom. The song, Letting Go, is now available on multiple platforms of TME.

07/11/2023 5 EN

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T.H. Capital

T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.

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Tian Hou

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TME: Neutral On Short-Term Performance As Social Entertainment Business Is Weak, But Positive On Long-Term Due To AI Initiatives

ATHM: Positive On 1Q24 Performance Due To Improvement In The Auto Market, Mainly Driven By EV Car Sales; The Adoption of Trade-In Policy Is Likely to Further Boost Sales

BABA: Positive On Longer-Term Outlook As China’s Economy Is Showing Signs of Bottoming; Negatives Are In The Stock Price

JD: China’s Economy May Have Bottomed As The Property Market Is Starting To Show Signs Of Stabilization; JD To Benefit From the Resumption In Growth Of China’s Economy

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