reports
- 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).
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
Greater China Daily: Wednesday, April 23, 2025
KEY HIGHLIGHTS Initiate Coverage Tencent Music Entertainment Group (1698 HK/BUY/HK$47.80/Target: HK$60.00) 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). Results Dian Diagnostics (300244 CH/HOLD/Rmb13.99/Target: Rmb15.00) ...
- Julia Pan Mengyao
- Ming San Soong
Tencent Music Entertainment Group (1698 HK): World’s largest music pla...
Tencent Music Entertainment Group is the world’s largest online music platform by monthly average users, 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). Music is one of the least competitive verticals in online entertainment. Tencent Music Entertainment Group (TME) operates in a l...
- Research Department
INFORME DIARIO 20 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME:ESPAÑA: IBERDROLA, INDRA. EUROPA: ALLIANZ, AXA. La Fed mantiene los tipos y Powell se muestra tranquiloLos índices europeos lograron cerrar con ganancias, aunque pendientes de la Fed y de las conversaciones de paz sobre la guerra de Ucrania. En el STOXX 600, los mejores sectores fueron Retail y Energía mientras queTelecomunicaciones y Químicas mostraron el peor comportamiento del día. Por el lado macro en EE.UU., la Fed mantuvo los tipos inalterados (aunque ...
- Alvaro del Pozo
PROSUS: RDOS. 4T’24 DE TENCENT (ANÁLISIS BANCO SABADELL)
Tencent (c. 25% de PRX y 82% de nuestro P.O.) acaba de publicar Rdos. 4T’24 mejores en ventas, que crecen a trimestre estanco un +11,1% (vs +8,7% consenso), y están por encima en todas las líneas de negocio. Por la parte operativa, el margen bruto mejora c.+2,6 p.p. vs 4T’23 hasta el 52,6% (vs 53,3% consenso). Por divisiones, Marketing Services (20% ventas) presenta nuevamente el mejor comportamiento, y los ingresos crecen un +17% (vs +14% esperado). Por su parte, en Fintech (33% ventas) el crec...
- Jin Yoon
TME 4Q24 Results: OMS Remain Resilient in FY25
What’s new: TME’s reported 4Q24 results that were above consensus and our expectations. Online music revs could remain resilient partly driven by subscription and ads. Margins could see further upside in FY25 partly driven by better rev mix and continued cost controls. We up our PT from USD14 to USD17 on resiliency of the online music segment. Our updated PT of USD17 implies 20.5x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Research Department
INFORME DIARIO 24 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, ENCE. 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. 4T’24 que se publicarán en España y Europa en los próximos días. El CDU/CSU gana las elecciones en Alemania Tras las caídas del jueves en EE.UU. las bolsas europeas mantuvieron la cautela el viernes y cerraron una semana...
- Research Department
INFORME DIARIO 07 ENERO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: EUROPA: PROSUS. Las bolsas siguen mostrándose dubitativas La semana pasada las bolsas europeas se comportaron de forma mixta donde el Ibex 35 volvió a destacar como uno de los pocos en cerrar en positivo junto al FTSE 100, mientras que ayer pareció volver cierto optimismo a las bolsas de la mano de la IA y el sector tecnológico y la depreciación del Yen. En el STOXX 600 los mejores sectores ayer fueron Tecnología y Autos (Tecnología y Energía lideran las s...
- Alvaro del Pozo
PROSUS: RDOS. 1S’25 (ANÁLISIS BANCO SABADELL)
Rdos. 1S'25 vs 1S'24: Ventas: 2.963 M dólares (+21% vs +21% BS(e) y +24% consenso). EBITDA: 229,0 M dólares (+14,0 M dólares en 1S'24 vs 164,0 M dólares BS(e) y 156,0 M dólares consenso). BDI ajustado: 3.542,0 M dólares (2.012,0 M dólares en 1S'24 vs 3.529 M dólares BS(e)).
- Research Department
INFORME DIARIO 02 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FCC, IBERDROLA, TALGO. EUROPA: PROSUS. Semana marcada por la festividad en EE.UU. y el riesgo en Francia La semana vino marcada por la festividad del día de Acción de Gracias en EE.UU. permitiendo cierta estabilidad en los activos de riesgo, lo que llevó al Euro STOXX 50 a recuperar los 4.750 puntos y al Ibex a volver a situarse por encima de los 11.600. Por otro lado, el ruido político en Francia tensionó la prima de riesgo a la espera de concesion...
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