Tencent Music Entertainment Group ADR

TME: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$73.50	Yldxxls	Rphdlyfgw

Tencent Music Experiences Strong Q3 2022; Raising FVE to USD 9.00 (HKD 35.30)

Ivan Su

Nov 16, 2022

Business Strategy and Outlook

With around 600 million monthly active users Tencent Music Entertainment is the largest music streaming platform in China. The firm monetizes through live streaming, a high margin business generating over 50% of revenue and over 100% of operating profit, while subscription-based music streaming remains loss-making.

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