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 239.98 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 3Q24 Results: Further Upside in Margin in FY25

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

TME 2Q24 Results: Focus Shift Towards ARPU

BILI: Cautious On Long-Term Outlook Due To Competition And Market Saturation

BIDU: Expect In Line 2Q24 Results; Monetization In AI Is Taking Time To Drive Overall Growth

BEKE: Positive On BEKE’s 2024 Outlook and 2Q24 Performance As China’s Housing Market Is Showing Signs of Modest Recovery Supported By Policies

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