Tencent Music Entertainment Group ADR

TME: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tencent Music Earnings: Core Paying Base Intact Despite Soda Music Noise; Shares Very Undervalued

Ivan Su

Mar 18, 2026

Despite delivering strong earnings, Tencent Music's guidance points to a deceleration in growth amid competitive headwinds from ByteDance's Soda Music. Management's decision to stop disclosing user metrics on a quarterly basis adds to fears that the worst is yet to come.

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Tencent Music Entertainment Group ADR

Tencent Music Earnings: Core Paying Base Intact Despite Soda Music Noise; Shares Very Undervalued

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