T.H. Capital - Tencent Music Entertainment Group Sponsored ADR Class A (TME) TME: Weaker Seasonality In 1Q19, While Live Grew Faster Than Music In 1Q19

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T.H. Capital

Tian Hou

EUR 232.95 For Business Accounts Only

TME: Weaker Seasonality In 1Q19, While Live Grew Faster Than Music In 1Q19

TME will report 1Q19 results on May 13th after the markets close followed by an 8pm EST conference call. We are negative on TME into 1Q19 earnings. The first quarter is a seasonally weak quarter. Therefore, we believe consensus at RMB5,798M or 40.9% Y/Y growth for TME’s revenue is likely to be aggressive. The company’s two parts of the business, online music and social entertainment services, are carried out by four different APPs.

10/05/2019 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: Weaker Seasonality In 1Q19, While Live Grew Faster Than Music In 1Q19

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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