T.H. Capital - Tencent Music Entertainment Group Sponsored ADR Class A (TME) TME: Outbreak Had Limited Impact On Online Music But More To Social Entertainment Services; New Business Initiatives In 2Q20

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T.H. Capital

Tian Hou

EUR 232.95 For Business Accounts Only

TME: Outbreak Had Limited Impact On Online Music But More To Social Entertainment Services; New Business Initiatives In 2Q20

TME will report 1Q20 results on May 11^th after the close of the markets followed by an 8pm EST conference call. 1Q20 is a challenging time for most of the companies in China. For TME, the impact from the outbreak to its online music was limited, but the impact to social entertainment services was bigger. In addition, the government policy in January prohibiting lucky-draw functions in live broadcastings also pressured its social entertainment services. Putting all together, based on our data, we believe the company is likely to deliver inline results in 1Q20.

06/05/2020 6 EN

Underlying

Tencent Music Entertainment Group Sponsored ADR Class A

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US88034P1093 New York Stock Exchange Cayman Islands

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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: Outbreak Had Limited Impact On Online Music But More To Social Entertainment Services; New Business Initiatives In 2Q20

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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