TME: Music Subscription Business Strong In 1Q21
TME will report 1Q21 results on May 17th 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 better than consensus expectation at RMB7,737M driven by the growth of its music services. New paying subscribers are likely to be higher than 5M as long form audio is popular in China.
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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