T.H. Capital - Tencent Music Entertainment Group Sponsored ADR Class A (TME) TME: Music Subscription Business Strong In 1Q21

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T.H. Capital

Tian Hou

EUR 232.95 For Business Accounts Only

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.

07/05/2021 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: Music Subscription Business Strong In 1Q21

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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