Sunday, January 24, 2021

Needham slashes price target on Tencent Music Entertainment Group [TME] – find out why.

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Tencent Music Entertainment Group [NYSE: TME] stock went on a downward path that fall over -1.37% on Monday, amounting to a one-week price increase of more than 2.48%. The company report on November 19, 2020 that Tencent Music Entertainment Group Announces Strategic Partnership and Investment in Wave.

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Tencent Music Entertainment Group (“Tencent Music,” “TME,” or the “Company”) (NYSE: TME), the leading online music entertainment platform in China, announced a strategic partnership and minority equity investment in Wave, the market leader in interactive virtual entertainment experiences. Under the partnership, TME will be able to air Wave experiences in China across all of its platforms including QQ Music, Kugou Music, Kuwo Music, and WeSing.


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Additionally, this collaboration will allow the two companies to develop virtual concert content for TME Live, an innovative live performance brand under TME, which pioneers the integration of offline concerts with an online experience. Through creative cooperation models, both companies will also develop innovative promotional approaches, build high-quality music content, and bring interactive, unique and emerging concert experience to China’s music lovers.

Over the last 12 months, TME stock rose by 33.60%. The one-year Tencent Music Entertainment Group stock forecast points to a potential upside of 8.38. The average equity rating for TME stock is currently 2.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $27.13 billion, with 1.66 billion shares outstanding and 605.81 million shares in the current float. Compared to the average trading volume of 9.10M shares, TME stock reached a trading volume of 18513093 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Tencent Music Entertainment Group [TME]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TME shares is $18.01 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TME stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Needham have made an estimate for Tencent Music Entertainment Group shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 24, 2020. The new note on the price target was released on August 14, 2020, representing the official price target for Tencent Music Entertainment Group stock. Previously, the target price had yet another raise to $17, while UBS analysts kept a Buy rating on TME stock.

The Average True Range (ATR) for Tencent Music Entertainment Group is set at 0.59, with the Price to Sales ratio for TME stock in the period of the last 12 months amounting to 6.35. The Price to Book ratio for the last quarter was 3.65, with the Price to Cash per share for the same quarter was set at 0.89.

TME Stock Performance Analysis:

Tencent Music Entertainment Group [TME] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.48. With this latest performance, TME shares gained by 10.59% in over the last four-week period, additionally plugging by 34.91% over the last 6 months – not to mention a rise of 33.60% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TME stock in for the last two-week period is set at 63.94, with the RSI for the last a single of trading hit 64.74, and the three-weeks RSI is set at 61.10 for Tencent Music Entertainment Group [TME]. The present Moving Average for the last 50 days of trading for this stock 15.05, while it was recorded at 16.39 for the last single week of trading, and 13.61 for the last 200 days.

Insight into Tencent Music Entertainment Group Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Tencent Music Entertainment Group [TME] shares currently have an operating margin of +15.45 and a Gross Margin at +33.24. Tencent Music Entertainment Group’s Net Margin is presently recorded at +15.66.

Return on Total Capital for TME is now 9.64, given the latest momentum, and Return on Invested Capital for the company is 9.80. Return on Equity for this stock inclined to 9.81, with Return on Assets sitting at 8.20. When it comes to the capital structure of this company, Tencent Music Entertainment Group [TME] has a Total Debt to Total Equity ratio set at 0.34. Additionally, TME Total Debt to Total Capital is recorded at 0.34, with Total Debt to Total Assets ending up at 0.28. Long-Term Debt to Equity for the company is recorded at 0.18, with the Long-Term Debt to Total Capital now at 0.18.

Reflecting on the efficiency of the workforce at the company, Tencent Music Entertainment Group [TME] managed to generate an average of $159,634 per employee. Receivables Turnover for the company is 12.76 with a Total Asset Turnover recorded at a value of 0.52.Tencent Music Entertainment Group’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.50 and a Current Ratio set at 3.50.

TME Stock EPS

With the latest financial reports released by the company, Tencent Music Entertainment Group posted 0.11/share EPS, while the average EPS was predicted by analysts to be reported at 0.1/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 10.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for TME. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Tencent Music Entertainment Group go to 2.58%.

Tencent Music Entertainment Group [TME] Insider Position Details

There are presently around $7,887 million, or 73.80% of TME stock, in the hands of institutional investors. The top three institutional holders of TME stocks are: MORGAN STANLEY with ownership of 43,611,012, which is approximately 224.911% of the company’s market cap and around 9.67% of the total institutional ownership; BAILLIE GIFFORD & CO, holding 43,028,837 shares of the stock with an approximate value of $709.98 million in TME stocks shares; and CANADA PENSION PLAN INVESTMENT BOARD, currently with $445.46 million in TME stock with ownership of nearly 0% of the company’s market capitalization.

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Positions in Tencent Music Entertainment Group stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 148 institutional holders increased their position in Tencent Music Entertainment Group [NYSE:TME] by around 145,914,908 shares. Additionally, 106 investors decreased positions by around 52,403,309 shares, while 33 investors held positions by with 279,665,766 shares. The mentioned changes placed institutional holdings at 477,983,983 shares, according to the latest SEC report filing. TME stock had 56 new institutional investments in for a total of 47,172,544 shares, while 45 institutional investors sold positions of 22,412,541 shares during the same period.

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