reports
- Jin Yoon
TME 3Q24 Results: Further Upside in Margin in FY25
What’s new: TME’s reported 3Q24 top-line results that were largely in-line with consensus and our expectations. Subscription revs could remain resilient partly driven by stable quarterly net adds and higher monthly ARPPU. Margins could see further upside in 4Q24 and into FY25 partly driven by better rev mix and continued cost controls. We maintain our PT at USD14. Analysts: Jin Yoon
- Alvaro del Pozo
- Jin Yoon
TME 2Q24 Results: Focus Shift Towards ARPU
What’s new: TME’s reported 2Q24 top-line results that were largely in-line with consensus and our expectations. TME is taking a proactive approach to focus on ARPU to drive subscription revs going forward. While mid-term paying subscriber target remains intact, the pace of net adds could be slower than our initial expectations. We lower our PT from USD17 to USD14 on lowered outlook. Our revised PT of USD14 implies a 18.2x FY25 P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Jin Yoon
TME 1Q24 Results: Improving Margin Outlook
What’s new: TME’s 1Q24 results were above consensus and our expectations. Margins could see further upside in FY24 partly driven by better rev mix and continued cost controls. We up our PT from USD13 to USD17 on an improving margin outlook. Our revised PT of USD17 implies a 21.3x FY25 P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Tian Hou
TME: Increase In Paying Users Drive Solid Online Music Service Perform...
TME will report 2Q23 results on August 15th before the markets open with an 8am ET conference call. We are positive on TME’s performance in 2Q23 and outlook for 2023. The long-awaited economic stimulus policies have started to come out since late July 2023. On June 25th, the State Think Tank CMF released its paper “Solidifying Foundation for Recovery, China’s Macroeconomy in 2023”. The paper not only pointed out 5 main issues but also emphasized that these issues cannot be resolved by themselves...
TENCENT MUSIC ENTER sees a downgrade to Negative on account of less fu...
The independent financial analyst theScreener just lowered the general evaluation of TENCENT MUSIC ENTER (US), active in the Broadcasting & Entertainment industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date January 21, 2022, the closing price was USD 6.39 a...
- Tian Hou
TME: Copyright Issues Had Limited Impact On Music Services; Expecting ...
TME will report 3Q21 results on November 8th after the close of the markets followed by an 8pm EST conference call. As 3Q21 was a period of intensive policies, TME was negatively impacted. The impact is likely to wear out in 2H2022. Therefore, for 3Q21, we expect the company’s subscription business to continue to do relatively better while its live streaming business can be lagging.
- Tian Hou
TME: Music Subscription Business Strong In 1Q21
TME will report 1Q21 results on May 17th after the close of the markets followed by an 8pm EST conference call. Based on our data, we estimate that total revenue is likely to be better than consensus expectation at RMB7,737M driven by the growth of its music services. New paying subscribers are likely to be higher than 5M as long form audio is popular in China.
- Tian Hou
TME: More Paying Users To Drive Better 4Q20 Results
TME will report 4Q20 results on March 22nd after the close of the markets followed by an 8pm EST conference call. Based on our data, we estimate that total revenue is likely to be better than consensus at RMB8,332M. In 4Q20, the music subscription business was still in high growth driven by higher paying members and flat ARPU; social entertainment showed recovery in ARPU with stable users. In 4Q20, TME announced that it has been expanding its independent music portfolio by signing new licensing ...
- Tian Hou
TME: Adding More Paying Users To QQ Music; More Live Concerts To Offse...
TME will report 3Q20 results on November 10th after the close of the markets followed by an 8pm EST conference call. Based on our data, we estimate that total revenue is likely to be at least in line with consensus at RMB7,496M. In 3Q20, the music subscription business was still in high growth driven by higher paying members and flat ARPU; social entertainment showed recovery in ARPU with stable users. QQ music released a new version with live broadcast function on June 8, 2020, and until the en...
- Tian Hou
TME: Continued Improvement To Its Business With New Initiatives; Expec...
TME will report 2Q20 results on August 10th after the close of the markets followed by an 8pm EST conference call. Based on our data, we estimate that total revenue is likely to be at least in line with consensus at RMB6,848M. In 2Q20, the music subscription business continued to experience high growth in terms of paying members and flat ARPU; social entertainment showed recovery in ARPU and stable users.
- Tian Hou
TME: Outbreak Had Limited Impact On Online Music But More To Social En...
TME will report 1Q20 results on May 11th 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...
- Tian Hou
TME: More Partnerships With Leading Traffic Vendors Are Likely to Lead...
The outbreak of the coronavirus does not have much of an impact on TME, but the government’s policy issued at the end of January 2020 impacts TME’s social entertainment services. The policy prohibits the lucky-draw function in live broadcastings. However, comparing with TME’s business initiatives in January 2020, we believe more positives are likely to happen throughout 2020. In January, TME’s initiated intensive cooperation and partnership activities with leading traffic vendors including TikTo...
- Tian Hou
T. H. Data Flash – Tencent Music – November & 4Q19E: Increasing Pr...
While TME is a monopoly in China’s online music area, the company only monopolizes one of the verticals under a vast entertainment umbrella. Competition from the market is not from a vendor doing the same thing, but rather from vendors that are doing different things. In the case of live broadcasting, while TME as a newcomer put pressure on YY.com (YY, $56.70, Buy) in 2016 and 2017, presently, newcomers Kwai and ByteDance are presenting pressure on existing companies including TME and several ot...
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
PGR PROGRESSIVE CORPORATION
YUM YUM! BRANDS INC.
WBK WESTPAC BANKING CORP. ADS
VNOM VIPER ENERGY PARTNERS LP
SSYS STRATASYS LTD.
SIGI SELECTIVE INSURANCE GROUP INC.
SEE SEALED AIR CORPORATION
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
PLCE CHILDREN'S PLACE INC.
OUT OUTFRONT MEDIA INC.
NWE NORTHWESTERN CORPORATION
KWR QUAKER CHEMICAL CORPORATION
GWPH GW PHARMACEUTICALS PLC SPONSORED ADR
I3N CHART INDUSTRIES INC.
FOXF FOX FACTORY HOLDING CORP.
ETSY ETSY INC.
ECL ECOLAB INC.
DUK DUKE ENERGY CORPORATION
CSIQ CANADIAN SOLAR INC.
COG CABOT OIL & GAS CORPORATION
CL COLGATE-PALMOLIVE COMPANY
K3PD CHINA MOBILE LTD.
CDNA CAREDX INC
ASH ASHLAND GLOBAL HOLDINGS INC.
ALRM ALARM.COM HOLDINGS INC.
AEO AMERICAN EAGLE OUTFITTERS INC.
IRBT IROBOT CORPORATION
COLM COLUMBIA SPORTSWEAR COMPANY
CQP CHENIERE ENERGY PARTNERS L.P.
CWT CALIFORNIA WATER SERVICE GROUP
DCP DCP MIDSTREAM LP
AFH US ECOLOGY INC.
GEL GENESIS ENERGY L.P.
MPLX MPLX LP
OGS ONE GAS INC.
TCO TAUBMAN CENTERS INC.
BSM BLACK STONE MINERALS LP
ASIX ADVANSIX INC.
NBLX NOBLE MIDSTREAM PARTNERS LP
WCN WASTE CONNECTIONS INC.
CSCO CISCO SYSTEMS INC.
VTR VENTAS INC.
DLPH DELPHI TECHNOLOGIES PLC
NTR NUTRIEN LTD.
AROC ARCHROCK INC.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
SVC SERVICE PROPERTIES TRUST
BIG BANK MILLENNIUM SA
ETRN EQUITRANS MIDSTREAM CORP.
- Valens Research
- Tian Hou
TME: Expect TME’s 3Q19 Revenue To Beat Consensus Driven By Better Gr...
TME will report 3Q19 results on November 11th after the markets close followed by an 8pm EST conference call. We are positive on TME’s 3Q19 performance. This is the first time since its IPO that we believe the company is likely to outperform instead of missing consensus expectation. The better result is likely to be driven by: 1) more paid songs under the Online Music Services line as more popular songs are VIP songs; and 2) the exclusive release of Jay Chou’s song was a positive to its paying m...
- Tian Hou
T. H. Data Flash – Tencent Music – August & 3Q19E: Better Acceptan...
We are positive on TME’s 3Q19 performance. This is the first time since its IPO that we believe the company is likely to outperform instead of missing consensus expectation. The better result is driven by: 1) more paid songs under the Online Music Services line as more popular songs are VIP songs. As such, we also expect the paying ratio for online music services to improve; 2) user growth for its live broadcasting is encouraging.
- Tian Hou
TME: Expect TME To Gain More Active Users In Social Entertainment With...
TME will report 2Q19 earnings on August 12th after the markets close followed by an 8pm EST conference call. Short term wise, we believe TME is going to deliver an in line quarter. Long term wise, we are cautious on active users to paying conversion ratio. Based on our data and model, we believe revenue is likely to be in line with consensus at RMB 5,983M.
- Tian Hou
TME: Weaker Seasonality In 1Q19, While Live Grew Faster Than Music In ...
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.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.