reports
- Alvaro del Pozo
- Research Department
INFORME DIARIO 24 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS, FERROVIAL, NEINOR, EUROPA: BAYER, PROSUS, UNICREDIT Las bolsas se alejan de máximos Toma de beneficios en mercado en la semana, provocada por las dudas sobre la decisión de la Fed de diciembre y la sobrevaloración acumulada del tecnológico estadounidense. En una semana de caídas en el STOXX 600, sólo S. Financieros se mantuvo en verde seguido por Hogar con las menores pérdidas mientras que el selloff de la IA estadounidense contagió a Tecno...
- Research Department
INFORME DIARIO 21 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, TELEFÓNICA, UNICAJA. EUROPA: PROSUS. Nvidia, un impulso a las bolsas que se desinfla Los resultados publicados por la tecnológica disipan de momento las dudas en torno a la IA y provocó rebotes en los índices europeos superiores al 1% pero que se fueron moderando hacia el cierre del mercado con un Ibex que se quedó al borde de los 16.000 puntos. En el STOXX 600, Energía e Industriales fueron los que mayores ganancias presentaron frente a Autos...
- Research Department
INFORME DIARIO 17 NOVIEMBRE + RDOS. ESPAÑA 3T’25. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, TELEFÓNICA. EUROPA: AIRBUS, PROSUS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’25 que se publicarán en España y Europa en los próximos días. El temor a una burbuja en la IA genera volatilidad en las bolsas Tras los máximos históricos alcanzados en la semana gracias a la esperanza de una resoluci...
- Research Department
INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’25. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACS, AENA, COLONIAL, MERLIN, REPSOL, SANTANDER, SECTOR ELÉCTRICO, TALGO. EUROPA: ALLIANZ, PROSUS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’25 que se publicarán en España y Europa en los próximos días. Toma de beneficios en mercado Las bolsas terminaron recogiendo beneficio...
- Alvaro del Pozo
- Jin Yoon
TME 3Q25 Results: Near Term Margin Impact Due to Rev Mix Shift Towards...
What’s new: TME’s reported 3Q25 revs that were above consensus and our expectations. While OMS could remain resilient partly driven by both subs and non-subscription segments, margins could be impacted in the near-term due to unfavorable rev mix shift towards concerts and artist merchandise. We lower our PT from USD28 to USD22 on lowered margin outlook. Our updated PT of USD22 implies 23.2x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Tencent Music Entertainment Group (1698 HK): 3Q25: Solid Earnings Beat...
TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to 29%. Maintain BUY with a target price of HK$105.00 (US$27.00).
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, November 13, 2025
Top Stories Company Results | Tencent Music Entertainment Group (1698 HK/BUY/HK$84.65/Target: HK$105.00) TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to 2...
- Research Department
INFORME DIARIO 14 AGOSTO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: EUROPA: PROSUS. Las crecientes expectativas de bajadas de tipos impulsan a las bolsas Al buen dato de inflación en EE.UU. ayer se unen hoy los comentarios del Secretario del Tesoro, Scott Bessent, demandando nuevamente recortes de los tipos de interés de más de 150 p.b. este año, empezando con -50 p.b. en septiembre (por su parte R. Bostic, miembro de la Fed, dijo que veía apropiado bajar -25 p.b. en 2025 y que gracias a la fortaleza del mercado laboral la...
- Jin Yoon
TME 2Q25 Results: Core Music Segment Remains Resilient
What’s new: TME’s reported 2Q25 results that were above consensus and our expectations. OMS could remain resilient as monthly ARPPU could see further upside from stable competition and increasing contribution from SVIP members. GM could be adversely impacted in 3Q partly due to higher rev mix from lower margin offline concerts related revs. We up our PT from USD17 to USD28 on resiliency of the online music segment. Our updated PT of USD28 implies 28.5x FY26E P/E. We maintain our BUY rating. Ana...
- Julia Pan Mengyao
- Ming San Soong
Tencent Music Entertainment Group (1698 HK): 2Q25: Solid earnings beat...
TME’s 2Q25 delivered strong 2Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 17.9% yoy to Rmb8.4b, 6% above the street’s estimates. Non-GAAP operating profit grew 31.4% yoy to Rmb3.2b, with operating margins edging up 4ppt yoy to 38%. Non-GAAP net profit rose 33% yoy to Rmb2.6b, beating consensus expectations by 16%, with net margins expanding 4ppt yoy to 31%. Maintain BUY with a higher target price of HK$105.00 (US$27.00).
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, August 13, 2025
KEY HIGHLIGHTS Results Galaxy Entertainment Group (27 HK/BUY/HK$40.18/Target: HK$45.00) Galaxy’s 2Q25 normalised EBITDA rose 7% qoq. In 2Q25, the lower hold rate led to a modest mass market share gain. However, the hold rate has been normalising qtd. With Capella’s opening, management expects reinvestments efficiency to be optimised further amid intense market competition. The company declared an interim dividend of HK$0.70, implying a payout ratio of 58%, and management expects the payout rat...
- Greater China Research Team
Greater China Strategy Alpha Picks: August Conviction Calls
In July, the HSI and MSCI China index extended their growths, rising 2.9% mom and 4.5% mom respectively to reach their peak on 24 July before pulling pack in the latest week, as investors tend to take profit after the Politburo announcement. With another 90-day tariff delay from the US, we maintain a positive outlook for leading domestic stocks in healthcare and IT. New additions to our BUY list are JBM Healthcare and Lenovo. We take profit on CATL, Han’s Laser, KE Holdings and Longfor.
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
01810 XIAOMI CORP. CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
01801 INNOVENT BIOLOGICS INC.
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
02161 JBM (HEALTHCARE) LTD
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Greater China Research Team
Greater China Strategy: Alpha Picks -- July Conviction Calls
June’s HSI and MSCI China Index rose 3.4% mom and 4.0% mom respectively, despite the pullback due to the Middle East tensions. July may see increased volatility as the US looks to bring the tariff negotiations to a close. At this juncture, we continue to favour domestic policy beneficiaries and sector leaders. New additions to our BUY list are CATL, KE Holdings, Longfor, Midea Group, Tencent and Tencent Music Entertainment. We take profit on Prudential.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
01810 XIAOMI CORP. CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
01801 INNOVENT BIOLOGICS INC.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Alvaro del Pozo
- Jin Yoon
TME: 1Q25 Results: Further Upside in Online Music ARPU
What’s new: TME’s reported 1Q25 results that were above consensus and our expectations. OMS could remain resilient driven by both subscription and non-subscription segments, while margins could continue to inch up amid continued cost controls and better efficiency. We maintain our PT at USD17. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Tencent Music Entertainment Group Page 8 (1698 HK): 1Q25: Solid earnin...
TME’s 1Q25 earnings were better than expectations. Revenue grew 8.7% yoy to Rmb7.4b, largely in line with our and the street’s estimates. Gross margin expanded 3ppt yoy to 44%, in line with our expectation. Non-GAAP operating profit grew 18% yoy to Rmb2.7b, with operating margin edging up 3ppt yoy to 37%. Non-GAAP net profit rose 23% yoy to Rmb2.2b, exceeding consensus expectation by 12%, with net margin expanding 3ppt yoy to 30%. Maintain BUY with a higher target price of HK$68.00 (US$15.50).
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Roy Chen Chengzhi
Greater China Daily: Tuesday, May 14, 2025
KEY HIGHLIGHTS Results JD.com (9618 HK/BUY/HK$137.00/Target: HK$185.00) JD’s 1Q25 results came in above expectations. Revenue increased 16% yoy to Rmb301b, 3-4% above our and consensus estimates, in line with its previously guided double-digit growth. Non-GAAP operating profit rose 31% yoy to Rmb11.7b, translating to a non-GAAP operating profit margin of 3.9%. Non-GAAP net profit grew 43% yoy to Rmb12.8b. Adjusted net margin jumped 1ppt yoy to 4%. Maintain BUY with a lower target price of HK$1...
- Julia Pan Mengyao
- Ming San Soong
Tencent Music Entertainment Group (1698 HK): World’s largest music pla...
TME is the world’s largest online music platform by MAU, and has sustained the biggest market share of about 70% in the online music industry since 2016. It operates leading music apps including QQ Music, Kugou Music, Kuwo Music and WeSing. We initiate coverage with a BUY rating and target price of HK$60.00 (US$15.00).
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