External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>TME announced 4Q24 financial results: total revenue grew by 8% YoY to RMB7.5bn, largely in line with Bloomberg consensus estimate; non-IFRS net income was up by 45% YoY to RMB2.28bn, 15% ahead of consensus estimate, mainly thanks to better-than-expected GPM expansion and opex control.</li><li>FY24 non-IFRS net income increased by 30% YoY to RMB7.67bn, driven by solid online music revenue growth and GPM expansion.</li><li>For FY25E, management expects total revenue growth to accelerate and margin to further expand. pected GPM expansion trend, and lift our DCF-derived TP by 3% to US$16.50. Maintain BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME announced 4Q24 financial results: total revenue grew by 8% YoY to RMB7.5bn, largely in line with Bloomberg consensus estimate; non-IFRS net income was up by 45% YoY to RMB2.28bn, 15% ahead of consensus estimate, mainly thanks to better-than-expected GPM expansion and opex control.FY24 non-IFRS net income increased by 30% YoY to RMB7.67bn, driven by solid online music revenue growth and GPM expansion.For FY25E, management expects total revenue growth to accelerate and margin to further expand. pected GPM expansion trend, and lift our DCF-derived TP by 3% to US$16.50. Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME (TME US) - 4Q24 Earnings Beat; Driving Quality Growth in FY25

<ul><li>TME reported 3Q24 results on 12 Nov: total revenue increased by 7% YoY to RMB7.02bn, in line with our/Bloomberg consensus estimate; non-IFRS net income grew by 29% YoY to RMB1.81bn, also in line with our/consensus estimate of RMB1.76/1.79bn.</li><li>The number of SVIP subscribers achieved the 10mn milestone in Sept 2024, and we expect it to become a key driver of the music ARPPU and revenue growth going forward.</li><li>Looking ahead, we expect total revenue/non-IFRS net income to grow by 6/26% YoY to RMB7.31/1.98bn in 4Q24E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME reported 3Q24 results on 12 Nov: total revenue increased by 7% YoY to RMB7.02bn, in line with our/Bloomberg consensus estimate; non-IFRS net income grew by 29% YoY to RMB1.81bn, also in line with our/consensus estimate of RMB1.76/1.79bn.The number of SVIP subscribers achieved the 10mn milestone in Sept 2024, and we expect it to become a key driver of the music ARPPU and revenue growth going forward.Looking ahead, we expect total revenue/non-IFRS net income to grow by 6/26% YoY to RMB7.31/1.98bn in 4Q24E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME (TME US) - Inline 3Q24 Results; SVIP Evolves as the New Growth Driver

<ul><li>TME announced 2Q24 results on 13 Aug: total revenue declined by 2% YoY to RMB7.16bn, in line with our/Bloomberg consensus estimate of RMB7.16/7.13bn; non-IFRS net income was up by 22% YoY to RMB1.87bn, 2/2% ahead of our/consensus estimate.</li><li>For 2H24E, management will focus more on balanced growth of music subs and ARPPU, expecting slower music subscriber net adds but continued QoQ ARPPU growth, which has raised certain investor concerns.</li><li>That said, management reiterated its long-term target (150mn music subscribers &amp; RMB15 in monthly ARPPU). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME announced 2Q24 results on 13 Aug: total revenue declined by 2% YoY to RMB7.16bn, in line with our/Bloomberg consensus estimate of RMB7.16/7.13bn; non-IFRS net income was up by 22% YoY to RMB1.87bn, 2/2% ahead of our/consensus estimate.For 2H24E, management will focus more on balanced growth of music subs and ARPPU, expecting slower music subscriber net adds but continued QoQ ARPPU growth, which has raised certain investor concerns.That said, management reiterated its long-term target (150mn music subscribers &amp; RMB15 in monthly ARPPU). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME (TME US) - Focus on Balanced Growth of Music Subs and ARPPU in 2H24E

<ul><li>TME reported 1Q24 results: total revenue declined by 3% YoY to RMB6.77bn, beating consensus estimate by 3% on strong online music revenue growth; non-IFRS net income grew by 21% YoY to RMB1.70bn, 7% ahead of consensus estimate, primarily attributable to the solid GPM expansion (+7.9ppt YoY) and effective control in opex (-8% YoY).</li><li>TME further enhanced shareholder return on its strong cash generation capability and announced its first annual cash dividend of US$0.137 per ADS (c.1.0% dividend yield).</li><li>Looking ahead, we forecast total revenue to decline by 2% YoY, while non-IFRS net income to grow by 20% in 2Q24E on solid music revenue growth and GPM expansion.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME reported 1Q24 results: total revenue declined by 3% YoY to RMB6.77bn, beating consensus estimate by 3% on strong online music revenue growth; non-IFRS net income grew by 21% YoY to RMB1.70bn, 7% ahead of consensus estimate, primarily attributable to the solid GPM expansion (+7.9ppt YoY) and effective control in opex (-8% YoY).TME further enhanced shareholder return on its strong cash generation capability and announced its first annual cash dividend of US$0.137 per ADS (c.1.0% dividend yield).Looking ahead, we forecast total revenue to decline by 2% YoY, while non-IFRS net income to grow by 20% in 2Q24E on solid music revenue growth and GPM expansion.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME (TME US) - 1Q24 Beat on Strong Music Business Growth and GPM Expansion

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Goodwill Entertainment Holding / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.</li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.</li>
</ul>



Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.


Goodwill Entertainment Holding - FY24 Earnings Update - Broadening Reach Within F&B and Nightlife

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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