Tencent Music（TME）: We Think It Is Worth USD 28.3 Bn --(1)
Facing a high-level user scale, we expect Tencent Music's future user scale to encounter growth bottlenecks. According to our estimation, the total...
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Tencent Music Entertainment Group – Back in the Groove with an Unjustified Valuation Multiple
The proposed IPO of Tencent Music Entertainment (TME US) although highly anticipated is no slam dunk for investors. China's online social...
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Tencent Music IPO Valuation: Best in Class Metrics
Tencent Music Entertainment (TME US) has released its pricing range for its IPO expected on December 12th. The company plans to raise 1.1-1.2bn...
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The GER Weekly Events Wrap: Familymart, Don Quijote, Softbank, and NTT
Below is a recap of the key event-driven research produced by the Global Equity Research team. This week, we provide further insight into our...
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China; Passive Inflows, National Service and Wealth Destruction.
There is an inherent contradiction between Beijing’s drive to consolidate state control over the corporate sector and internal capital investment,...
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