T.H. Capital - Tencent Music Entertainment Group Sponsored ADR Class A (TME) TME: Expect TMEâ€™s 3Q19 Revenue To Beat Consensus Driven By Better Growth In Music Subscriptions and Subscription Ratio

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T.H. Capital

Tian Hou

EUR 232.95 For Business Accounts Only

TME: Expect TMEâ€™s 3Q19 Revenue To Beat Consensus Driven By Better Growth In Music Subscriptions and Subscription Ratio

TME will report 3Q19 results on November 11^th after the markets close followed by an 8pm EST conference call. We are positive on TME’s 3Q19 performance. This is the first time since its IPO that we believe the company is likely to outperform instead of missing consensus expectation. The better result is likely to be driven by: 1) more paid songs under the Online Music Services line as more popular songs are VIP songs; and 2) the exclusive release of Jay Chou’s song was a positive to its paying member growth as well as paying ratio.

03/11/2019 6 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 TMEâ€™s 3Q19 Revenue To Beat Consensus Driven By Better Growth In Music Subscriptions and Subscription 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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