Tencent Music Entertainment Group ADR

TME: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Raise Our Fair Value Estimates for Tencent Music and NetEase Cloud Music After Cut in Cost of Equity

Ivan Su

Jul 28, 2025

Music is playing an increasingly important role in the daily lives of Chinese consumers. Leading music streaming platforms, Tencent Music and NetEase Cloud Music, continue to demonstrate strong pricing power, high user stickiness, and growing operating leverage.

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Tencent Music Entertainment Group ADR

Raise Our Fair Value Estimates for Tencent Music and NetEase Cloud Music After Cut in Cost of Equity

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