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 239.98 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 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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