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.
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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