T.H. Capital - Tencent Music Entertainment Group Sponsored ADR Class A (TME) TME: Expect TME To Gain More Active Users In Social Entertainment With Moderate Changes In Paying Ratio

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T.H. Capital

Tian Hou

EUR 233.25 For Business Accounts Only

TME: Expect TME To Gain More Active Users In Social Entertainment With Moderate Changes In Paying Ratio

TME will report 2Q19 earnings on August 12^th after the markets close followed by an 8pm EST conference call. Short term wise, we believe TME is going to deliver an in line quarter. Long term wise, we are cautious on active users to paying conversion ratio. Based on our data and model, we believe revenue is likely to be in line with consensus at RMB 5,983M.

07/08/2019 1 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: Expect TME To Gain More Active Users In Social Entertainment With Moderate Changes In Paying Ratio

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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