Tencent Music (TME)

• Market cap: $20.1B
• 1 day: 1.19%
• 5 days: 1.62%
• 1 month: 6.26%
• 3 months: 0.34%
• 6 months: -16.74%
• Year to date: 36.20%
• 1 year: 37.94%
• 5 years: 1.89%
• 10 years: -15.07%

About: Tencent Music is the largest online music service provider in China. It was founded in 2016 with the business combination of QQ Music (founded in 2005), Kuwo Music (founded in 2005) and Kugou Music (founded in 2004) streaming platforms. Tencent is the largest shareholder of TME with over 50% shares and over 90% voting rights held. TME also provides social entertainment services, including music live audio/video broadcasts and online concert services through the three platforms mentioned above, and online karaoke through an independent platform WeSing.

Employees: 5,185

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

186% more call options, than puts

Call options by funds: $84.5M | Put options by funds: $29.6M

2% more first-time investments, than exits

New positions opened: 50 | Existing positions closed: 49

0% more funds holding

Funds holding: 307 [Q2] → 308 (+1) [Q3]

0.33% more ownership

Funds ownership: 26.14% [Q2] → 26.47% (+0.33%) [Q3]

2% less repeat investments, than reductions

Existing positions increased: 114 | Existing positions reduced: 116

10% less funds holding in top 10

Funds holding in top 10: 10 [Q2] → 9 (-1) [Q3]

13% less capital invested

Capital invested by funds: $6.32B [Q2] → $5.48B (-$841M) [Q3]

Research analyst outlook

3 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $13 9% upside
• Avg. target: $14.33 21% upside
• High target: $16 35% upside

3 analyst ratings

• positive: 2 67%
• neutral: 1 33%
• negative: 0 0%

Barclays Jiong Shao 61% 1-year accuracy 23 / 38 met price target	35% upside $16	Overweight Initiated	6 Nov 2024
Bernstein Boris Van 67% 1-year accuracy 2 / 3 met price target	18% upside $14	Outperform Initiated	4 Nov 2024
Morgan Stanley Alex Poon 25% 1-year accuracy 1 / 4 met price target	9% upside $13	Equal-Weight Downgraded	25 Sept 2024