External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>TME reported 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in line with Bloomberg consensus estimate.</li><li>Online music business maintained solid momentum, underpinned by the balanced growth of music subscribers and ARPPU.</li><li>For 2Q25E, we estimate total revenue/non-IFRS net income to increase by 12/23% YoY, and we raise our FY25-27E earnings forecast by 0- 6%, given the strong online music business and margin expansion trend. W</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME reported 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in line with Bloomberg consensus estimate.Online music business maintained solid momentum, underpinned by the balanced growth of music subscribers and ARPPU.For 2Q25E, we estimate total revenue/non-IFRS net income to increase by 12/23% YoY, and we raise our FY25-27E earnings forecast by 0- 6%, given the strong online music business and margin expansion trend. WContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME (TME US) - Inline 1Q25 Results; Online Music Business Maintains Solid Momentum

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>The 1Q25 result is quite healthy, but the shrinking minor business, social entertainment, covers the fact.</li>
<li>The main businesses grew by two digits and the operating margin continued to grow by 28% YoY in 1Q25.</li>
<li>We believe the stock has an upside of 83% and a price target of US$26 for the yearend 2025.</li>
</ul>


The 1Q25 result is quite healthy, but the shrinking minor business, social entertainment, covers the fact.
The main businesses grew by two digits and the operating margin continued to grow by 28% YoY in 1Q25.
We believe the stock has an upside of 83% and a price target of US$26 for the yearend 2025.


Tencent Music (TME): 1Q25, Unnoticed Growth Continued, 80% Upside

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Tencent Music Entertainment Group (TME) demonstrated robust financial performance in the fourth quarter and full year of 2024.</li><li>The company achieved significant advancements in online music services, which contributed to a return to top-line growth and substantial profit margin expansion.</li><li>Revenues for Q4 2024 reached RMB 7.5 billion, marking an 8% increase year-over-year, with IFRS net profit soaring by 47% to RMB 2.08 billion, showcasing strong profitability and operational efficiency.</li></ul>

Tencent Music Entertainment Group (TME) demonstrated robust financial performance in the fourth quarter and full year of 2024.The company achieved significant advancements in online music services, which contributed to a return to top-line growth and substantial profit margin expansion.Revenues for Q4 2024 reached RMB 7.5 billion, marking an 8% increase year-over-year, with IFRS net profit soaring by 47% to RMB 2.08 billion, showcasing strong profitability and operational efficiency.

Tencent Music Entertainment: Diversification of Music Consumption Scenarios to Reach Into Untapped User Segments!

<ul><li>TME announced 4Q24 financial results: total revenue grew by 8% YoY to RMB7.5bn, largely in line with Bloomberg consensus estimate; non-IFRS net income was up by 45% YoY to RMB2.28bn, 15% ahead of consensus estimate, mainly thanks to better-than-expected GPM expansion and opex control.</li><li>FY24 non-IFRS net income increased by 30% YoY to RMB7.67bn, driven by solid online music revenue growth and GPM expansion.</li><li>For FY25E, management expects total revenue growth to accelerate and margin to further expand. pected GPM expansion trend, and lift our DCF-derived TP by 3% to US$16.50. Maintain BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME announced 4Q24 financial results: total revenue grew by 8% YoY to RMB7.5bn, largely in line with Bloomberg consensus estimate; non-IFRS net income was up by 45% YoY to RMB2.28bn, 15% ahead of consensus estimate, mainly thanks to better-than-expected GPM expansion and opex control.FY24 non-IFRS net income increased by 30% YoY to RMB7.67bn, driven by solid online music revenue growth and GPM expansion.For FY25E, management expects total revenue growth to accelerate and margin to further expand. pected GPM expansion trend, and lift our DCF-derived TP by 3% to US$16.50. Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME (TME US) - 4Q24 Earnings Beat; Driving Quality Growth in FY25

<ul>
<li>TME’s revenue continued to grow in 4Q24, as shrinking game business became insignificant.</li>
<li>The operating margin reached its historical high, which means music’s margin is high than game’s.</li>
<li>We believe the stock price will be double at the end of 2025.</li>
</ul>


TME’s revenue continued to grow in 4Q24, as shrinking game business became insignificant.
The operating margin reached its historical high, which means music’s margin is high than game’s.
We believe the stock price will be double at the end of 2025.


Tencent Music (TME, 1698 HK): 4Q24, Historical Margins Better than Game Time

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

TME (TME US) - Inline 1Q25 Results; Online Music Business Maintains Solid Momentum

TME reported 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in...

CMB International

Tencent Music (TME): 1Q25, Unnoticed Growth Continued, 80% Upside

The 1Q25 result is quite healthy, but the shrinking social entertainment covers the fact. The main businesses grew by two digits and the operating...

Ming Lu

Tencent Music Entertainment: Diversification of Music Consumption Scenarios to Reach Into Untapped User Segments!

Tencent Music Entertainment Group (TME) demonstrated robust financial performance in the fourth quarter and full year of 2024. The company...

Baptista Research

TME (TME US) - 4Q24 Earnings Beat; Driving Quality Growth in FY25

TME announced 4Q24 financial results: total revenue grew by 8% YoY to RMB7.5bn, largely in line with Bloomberg consensus estimate

CMB International

Tencent Music (TME, 1698 HK): 4Q24, Historical Margins Better than Game Time

TME’s revenue continued to grow in 4Q24 and the operating margin reached its historical high. We believe the stock price will be double at the end...

Ming Lu

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