T.H. Capital - Tencent Music Entertainment Group Sponsored ADR Class A (TME) TME: Adding More Paying Users To QQ Music; More Live Concerts To Offset The Weaker Season For Live Streaming; Expect At Least In Line 3Q20

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T.H. Capital

Tian Hou

EUR 232.95 For Business Accounts Only

TME: Adding More Paying Users To QQ Music; More Live Concerts To Offset The Weaker Season For Live Streaming; Expect At Least In Line 3Q20

TME will report 3Q20 results on November 10^th after the close of the markets followed by an 8pm EST conference call. Based on our data, we estimate that total revenue is likely to be at least in line with consensus at RMB7,496M. In 3Q20, the music subscription business was still in high growth driven by higher paying members and flat ARPU; social entertainment showed recovery in ARPU with stable users. QQ music released a new version with live broadcast function on June 8, 2020, and until the end of August, music apps including QQ music, Kugou music and Kuwo music were all equipped with live broadcasting, long audio and videos.

06/11/2020 5 EN

Underlying

Tencent Music Entertainment Group Sponsored ADR Class A

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US88034P1093 New York Stock Exchange Cayman Islands

Provider

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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Analysts

Tian Hou

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TME: Adding More Paying Users To QQ Music; More Live Concerts To Offset The Weaker Season For Live Streaming; Expect At Least In Line 3Q20

TME: Increase In Paying Users Drive Solid Online Music Service Performance In 2Q23

TENCENT MUSIC ENTER sees a downgrade to Negative on account of less fundamental stars

TME: Copyright Issues Had Limited Impact On Music Services; Expecting Better Growth of Music Subscribers In 3Q21 While Live Streaming Is Stalled

ZTO: Positive On 4Q23 Performance And 2024 Outlook As China’s Economy Is Coming Out Of Its Bottom

PDD: Positive On 4Q23 Performance Driven By Growth From Temu

BEKE Positive On BEKE’s 4Q23 Earnings, But China’s Property Market Remains Grim

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