TME's 2Q Tipped to Show Online Music Growth, Social-Entertainment Decline -- Market Talk

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TME's 2Q Tipped to Show Online Music Growth, Social-Entertainment Decline -- Market Talk

Dow Jones2023-07-20

0730 GMT - Tencent Music's 2Q revenue will likely show a drag from its social-entertainment segment, Jefferies analysts Thomas Chong and Zoey Zong say as they adjust earnings estimates for the company. They tip 2Q revenue growth at 3% on year to CNY7.2 billion vs. CNY7.4 billion prior, seeing a 20% drop in social-entertainment revenue amid macro uncertainties and competition. Online-music services should fare better, with growth seen at 38% and subscription revenue rising 30% on content upgrades and promotions, they say. Jefferies cuts its target on the company's ADRs to $9.80 from $10.40 to reflect business trends, but sticks to a buy rating. It says it's positive on TME's outlook given its sector leadership and role as a one-stop shop for all-in-one music services. Shares closed up 0.1% at $7.02. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

July 20, 2023 03:31 ET (07:31 GMT)

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