Tencent Music Entertainment Group ADR
TME: XNYS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $28.70 | Bysjrr | Nyzyvjly |
Initiating on Tencent Music Entertainment, USD 8.60 FVE; Cloud Music, HKD 130 FVE; TME Our Top Pick
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Business Strategy and Outlook
With over 600 million monthly active users, or MAU, Tencent Music Entertainment, or TME, is the largest music streaming platform in China. The firm monetizes through live streaming, a high margin business generating over 60% of revenue and over 100% of operating profit, while subscription-based music streaming remains loss-making.