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Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/27255" target="_blank" data-smartkarma-citation="entities:27255:1">Tencent Music Entertainment (TME US)</a>'s social entertainment services (discretionary consumption in nature) face more headwinds due to ongoing China (macro) consumption slowdown.</li>
<li>Moreover, high consensus earnings expectation would make material earnings downgrade a major narrative for TME throughout 2019, in our opinion.</li>
<li>We initiative coverage on TME with Short/Sell recommendation, with 12-mo PT of US$9.80/ADR (representing a 25% downside potential).</li>
</ul>



Tencent Music Entertainment (TME US)'s social entertainment services (discretionary consumption in nature) face more headwinds due to ongoing China (macro) consumption slowdown.
Moreover, high consensus earnings expectation would make material earnings downgrade a major narrative for TME throughout 2019, in our opinion.
We initiative coverage on TME with Short/Sell recommendation, with 12-mo PT of US$9.80/ADR (representing a 25% downside potential).


Tencent Music: Short Idea on Consumption Slowdown Angle