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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Tencent Holdings Limited    700   KYG875721634

TENCENT HOLDINGS LIMITED

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Tencent Music revenue jumps 18%, beats estimates, as paid subscribers flock to expanded library

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08/11/2020 | 12:02am EDT
Tencent Music Entertainment celebrates the company's IPO on the floor of the NYSE in New York

China's Tencent Music Entertainment Group (TME) said on Monday its quarterly revenue leaped 18%, beating Wall Street estimates, as it put more music for streaming behind its paywall and grew its paid subscriber base by more than half.

The strong performance comes amid a growing rift between Beijing and Washington that has overshadowed Chinese firms in the United States. Shares rose 2.4% in extended trade after it said second-quarter revenue grew to 6.93 billion yuan ($997 million).

Asked whether TME had a plan to deal with a recommendation from President Donald Trump's administration over auditing U.S.-listed Chinese firms, Chief Strategy Officer Tony Yip told analysts in a briefing that it was "premature" to speculate over a potential delisting.

Controlled by Chinese tech giant Tencent Holdings Ltd, TME's capitalisation on the New York market is about $26 billion.

For the quarter ended June 30, TME said paid users of its online music service rose 52% to 47.1 million, the fastest quarter on record according to TME. Net income attributable to shareholders rose 1.3% to 939 million yuan ($135 million) from 927 million yuan a year earlier.

The company has signed multiple partnerships with international and domestic music labels to expand its premium user base. On Monday, it also extended its multi-year licensing agreement with music company Universal Music Group (UMG), home to Taylor Swift and The Beatles, while also announcing a new joint venture music label.

In comparison, investor and peer Spotify Technology SA reported 138 million paid users in the quarter.

Unlike Spotify, TME generates only a part of its revenue from music subscription packages and relies heavily on services popular in China such as online karaoke and live streaming.

($1 = 6.9502 Chinese yuan)

By Munsif Vengattil and Pei Li


Stocks mentioned in the article
ChangeLast1st jan.
GOLDEN EAGLE RETAIL GROUP LIMITED -1.38% 7.15 End-of-day quote.-17.63%
SPOTIFY TECHNOLOGY S.A. -3.36% 266.87 Delayed Quote.78.45%
TENCENT HOLDINGS LIMITED 0.67% 605 End-of-day quote.61.08%
TENCENT MUSIC ENTERTAINMENT GROUP 1.17% 14.71 Delayed Quote.25.30%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.02% 6.6962 Delayed Quote.-3.67%
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Financials
Sales 2020 479 B 71 613 M 71 613 M
Net income 2020 120 B 18 011 M 18 011 M
Net cash 2020 93 252 M 13 953 M 13 953 M
P/E ratio 2020 42,1x
Yield 2020 0,25%
Capitalization 4 985 B 742 B 746 B
EV / Sales 2020 10,2x
EV / Sales 2021 8,21x
Nbr of Employees 70 756
Free-Float 60,4%
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Technical analysis trends TENCENT HOLDINGS LIMITED
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 49
Average target price 534,90 CNY
Last Close Price 524,02 CNY
Spread / Highest target 34,6%
Spread / Average Target 2,08%
Spread / Lowest Target -32,6%
EPS Revisions
Managers
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
TENCENT HOLDINGS LIMITED61.08%742 400
NETFLIX, INC.55.83%214 818
PROSUS N.V.24.55%158 605
NASPERS LIMITED32.73%79 627
UBER TECHNOLOGIES, INC.14.53%58 976
SPOTIFY TECHNOLOGY S.A.78.45%51 731