In today’s briefing:
- [Tencent Music (TME US, SELL, TP US$6) Preview]: Competition Is Still a Concern, Maintain SELL
- Bloomberry Is Best Pure Play on Philippine Gaming Growth Cycle
[Tencent Music (TME US, SELL, TP US$6) Preview]: Competition Is Still a Concern, Maintain SELL
- We expect the 2Q23 online music revenue growth to be 34.4% YoY, driven by more promotions to drive up users’ retentions;
- We anticipate the 2Q23 social entertainment growth rate to be (12.9%) YoY, due to intense competition and strengthened regulatory in live streaming.
- We expect TME’s 2Q23’s rev./non-GAAP net income to be (1.8%)/ (3.9%) vs cons. We maintain SELL because of continuous pressure from Bytedance’s Soda Music, Wechat Video Account and Kuaishou.
Bloomberry Is Best Pure Play on Philippine Gaming Growth Cycle
- A combination of strong property values, sound balance sheet and expansion to second Philippine property will produce strong result in sequential quarters ahead.
- Macro factors in market blur expectations for investor interest at this point in other major players in the Entertainment Zone space.
- Regulators predict Philippine GGR wil reach US$10b by 2027, making it among the globe’s most attractive gaming investment targets.
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