U.S. stocks unusual movement: tencent music rose 4% pre-market, Citigroup is bullish on its stable subscription revenue growth and good profit visibility.
Tencent Music (TME.US) rose 4% in pre-market trading to $12.74. On the news front, Citigroup released a report stating that Tencent Music's third-quarter total revenue is expected to increase by 7% year-on-year to 7 billion yuan, in line with market expectations. Among them, online music revenue is expected to rise by 23% year-on-year to 5.57 billion yuan, primarily driven by a 21% annual growth in subscription revenue, while the number of paying users is expected to increase by 15.3% year-on-year to 0.119 billion. Citigroup maintains a "buy" rating on Tencent Music with a target price of $15, bullish on its stable growth in subscription revenue and good profit visibility, and expects the company's net income to grow in the third and fourth quarters respectively.
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6-K: Report of foreign private issuer (related to financial reporting)
Tencent Music - SW (01698.HK) will hold a board of directors meeting on November 11th to approve the third quarter performance.
Gelonghui, on October 14th, tencent music-SW (01698.HK) announced that the board of directors will review and vote on the unaudited performance and announcements for the three months ending on September 30, 2024 ("Third Quarter Performance Announcement") on November 11, 2024 (Monday).
Tencent Music Entertainment Group to Report Third Quarter 2024 Financial Results on November 12, 2024
Sealand: tencent music-SW(01698) 2024Q2 paid users and ARPU double increase, first "buy" rating.
Sealand Securities expects Tencent Music-SW (01698) to have a net income attributable to parent company of 6.338/7.622/8.604 billion yuan from 2024 to 2026.
